Lunar, a digital bank operating across the Nordic region, has raised €46m ($54.8m) in new funding.

The company will use the capital to expand its business banking services, develop lending products, and facilitate growth in Norway and Finland.

The funding round included participation from both long-standing and new investors.

Among the new backers is London-based fintech investor 100A, which joins existing shareholders such as Heartland and Orbit Alliance.

Lunar has over one million users across several Nordic countries.

It operates with its own banking licence and infrastructure, which also supports its payments platform, Moonrise.

Lunar CEO and founder Ken Villum Klausen said: “We can see that our strategy is working. More users are choosing paid subscriptions, and we are seeing strong momentum in our business customer base reaching 40,000 business users in January.

“The new capital allows us to continue scaling what already works for consumer and business banking while increasing our footprint across the Nordics. We’ve already come a long way, but we are focused on unlocking a significantly larger opportunity for Lunar while reaching profitability in 2026.”

Klausen added: “That our existing investors continue to back Lunar means a great deal to us. At the same time, the interest from a new investor shows renewed confidence from the market in where we are heading.”

Last year, the bank introduced Lunar Youth, designed for younger users.

Lunar Youth is a banking app aimed at customers aged seven to 17 and linked to parental accounts for oversight and guidance in money management.