According to reports from Bloomberg, Nordic rival Lunar and UK challenger bank Monzo are in merger negotiations.
With users across Denmark, Sweden, and Norway, Lunar is a digital bank that most recently raised EUR 35 million in February to invest in and grow the company and hasten its road to profitability. A +500% growth in revenue during the first half of 2022 coincided with Lunar’s prior raise of EUR 28 million in August 2022.
Due to insufficient money from the August funding round, the bank’s ambitions to purchase Norwegian Bank, Instabank, fell through in September of last year. This prevented the bank from obtaining the “capital needed to meet the capital requirements and obtain the approved from the Norwegian FSA.”
