Denmark’s cloud-based challenger bank Lunar has raked in a €40m ($47.2m) in Series C funding round to bolster its business banking and consumer credit offerings.

The fresh capital comes from existing investors Chr and Augustinus Fabrikker – who extended its existing equity in the fintech firm.

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Private investors Alan Howard and Klaus Ostergaard, from Brevan Howard Asset Management, also participated in the funding round.

The latest funding round brings the total amount raised by the company to date to €104m ($122.9m).

Lunar founder and CEO Ken Klausen said: “Now more than ever people need to manage both their business and personal finances conveniently and with tools to make the most of their money.

“That is why we are building one app that will break up the monopoly-like Nordic banking infrastructure.

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“Our focus is to roll out full personal and business banking operations in all Nordic countries and strive towards profitability in one of the world’s most profitable banking markets.”

The Series C funding round comes after Lunar launched its Pro subscription offering, which costs DKK119 ($18.90) per month.

This subscription provides customers with access to personal consumer loans and business bank accounts.

Launched in 2015, Lunar is the only digital bank that has won a banking license in the Nordics.

It has over 200,000 personal customers and 5,000 business users across Denmark, Sweden and Norway.

In June 2020, Lunar launched a digital bank account with a Visa card offering for non-citizens, ex-pats or international students living and working in Denmark.

In April, the challenger bank raised €20m ($21.5m) in a Series B funding round to launch new financial products in the Nordic region.