Denmark-based challenger bank Lunar has raked in €20m ($21.5m) in a Series B funding round to launch new financial products in the Nordic region.

The funding round was led by Seed Capital and participated by Greyhound, Augustinus and Socii.

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The latest funding brings the total investment raised by the company to €46m ($49.6m).

The app-only bank will use the funding to launch credit facilities, loans and sustainability-driven services in the region in the coming months.

It currently offers free and premium services like a free account and card, fee-free payments and transfers.

The bank also offers a cover of worth DKK750,000 ($108,338) in alliance with Danish Financial Supervisory Authority (DFSA) for the money held in its mobile app.

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Lunar founder and CEO Ken Klausen said: “We have a vertical strategy focusing only on the Nordics, allowing us to go deep into the defensive banking infrastructure.

“As the world closes down after the Covid-19 outbreak we believe that regional challengers can benefit from more locally-focused features and products.

“Lunar taps into the Nordic infrastructure and that will expectedly impact our future unit economics and differentiates us from horizontally expanding challenger banks.”

Established in 2015, Lunar has a customer base of 150,000 and employs 120 employees in the Nordic, with offices in Aarhus, Copenhagen, Stockholm and Oslo.