Kinnevik and Tencent invest in Lunar’s €210M round
Lunar just raised a €210M Series D round led by family-owned investment company HEARTLAND. The round also included leading Swedish investment company Kinnevik, and the China-based technology company Tencent
Other investments came from some of the world’s notable investors in the financial technology space. Alongside the lead investors you find IDC Ventures, Fuel Ventures, MW&L Capital Partners and Peter Mühlmann (Founder and CEO of Trustpilot). They will join current investors such as SEED Capital, Chr. Augustinus Fabrikker, Socii Capital, and Greyhound Capital.
For Vidici it is great to see that other investors share the view not only that everyday banking as we know it needs to change but that Lunar is the challenger that can make it happen. Lunar have shown great execution over the last years and gaining more and more traction as they progress, nearly doubling the customer base the past year and releasing attractive features such as joint accounts and pay later solutions taking on Klarna. Also going after the underserved SME segment increases the market opportunity and have rapidly shown good traction, having received applications from more than half of newly established Danish SMEs in 2021.
With the new capital, the company will continue their Nordic expansion but will also pursue a M&A strategy that kicked of with the acquisition of Swedish-based loan marketplace Lendify.
Vidici’s view is that Lunar is in a great position to take on the Nordic and establish them selves as the leading Nordic neobank and Vidici will continue to support the company and the great team that have built it.