Denmark-based fintech Lunar Way has raised €13m in a new funding round to expand its business across the Nordic region.

The funding round was led by SEED Capital and was participated by Greyhound Capital, Socii Capital and other individual investors.

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The funding comes shortly after received licence that gives it the status of a payment firm.

Lunar Way funding

The company intends to use the money to scale up its current product portfolio and support its expansion to new markets.

The fund will also be used by the company to customise its products to suit the local market requirements.

In December last year, the Danish app was launched in Sweden and it is set to foray into Norwegian market by the end of this month.

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Commenting on the potential expansion, Lunar Way founder and CEO Ken Villum Klausen was quoted by the media sources as saying: “The Nordic economies are some of the strongest in the world and have some of the most stable markets.

“The Danes, Swedes and Norwegians are digitally native, 90% already have a mobile banking solution, and are used to handling their finances online.”

Headquartered in the Danish city of Aarhus, Lunar Way was founded in 2015 to simplify the banking experience of the customers. The company now employs around 50 people, mostly software developers.