Danish neobank Lunar raises $38M
Lunar, a neobank out of Denmark, last year raised money at a $2.2 billion valuation from a splashy set of investors that included Heartland, Kinnevik, Tencent, IDC Ventures and comedian Will Ferrell, to fill out its ambition to build a financial “super app.” Times being tough for startups right now, Lunar has raised yet again, but with a more modest goal: to “shorten the path to profitability.”
The startup announced today that it has closed a round of €35 million (around $38 million at today’s rates), money that it will be using to sharpen its product and its profile in the Nordics. Lunar says it has around 500,000 users in Denmark, Norway and Sweden. But notably, that is the same number of users that it disclosed when it announced funding in March 2022, which implies that not only is the startup operating at a loss that’s eroded its runway, but growth has stalled for the company in the last year.