The funding helps Lunar hit unicorn status at a valuation of $1B. Here are the top-line bullets you need to know.
Lunar, a digital challenger bank, has raised $249M in a Series D. The round drew participation from Tencent Holdings, IDC Ventures, Fuel Ventures, and Heartland, among others.
How’s the company performing?
- Denmark-based Lunar is a digital bank that lets customers manage their personal finances with its mobile banking app.
- The company’s user base has reportedly increased by more than 90% in the last year to reach more than 325,000, and it say its business arm will handle more than half of all new Danish SMEs in 2021.
- The company has more than 300 workers with headquarters in Copenhagen, Stockholm, and Oslo.
Why does the market matter?
- The global digital banking market is projected to grow at a CAGR of 8.9% to reach a value of $1.61T by 2027, according to Research Dive.
- According to Juniper Research, 3.6B individuals — roughly one in every two adults — would use digital banking services by 2024. This will include mobile as well as desktop platforms.
- Global shutdowns and branch closures spurred digital banking use during the Covid-19 outbreak, which was a boon for many challenger banks.
- According to an Adjust and Apptopia poll, global mobile banking and payment app usage increased by 26% in the first half of 2020 compared to the same period in 2019.