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Lunar announces offer to buy all shares of Instabank

Publish date: 13 April 2022

Nordic fintech and financial challenger Lunar continues its Nordic expansion and makes a cash offer of €132m to acquire all shares of Norwegian digital bank Instabank.

Founded in 2016, Instabank today serves more than 60,000 customers in Norway, Finland and Germany with both secured and unsecured loans and savings.

This acquisition will significantly increase Lunar’s footprint in Norway and additionally open the door to the Finnish market ahead of launching its full product offering.

If the shareholders accept Lunar’s offer to acquire Instabank, Lunar's position as the leading financial challenger across banking, payments and investments in the Nordics will be cemented.

Earlier this month Lunar announced a new €70 million Series D-2 funding, launched B2B payments for its business customers and revealed a new crypto trading platform.

More than 450,000 customers already joined Lunar and in total the fintech company raised more than €400 million in funding from investors including Heartland, Kinnevik and Tencent.

Lunar is one of Europe’s fastest growing fintech companies and challenger banks. Founded in Denmark in 2015, Lunar today serves more than 450,000 consumers and businesses throughout the Nordics and empowers them to bank, pay and invest in a new way. Lunar is backed by multiple renowned investors, including Heartland, Kinnevik and Tencent.

Similarly to Instabank, Lunar is a digital-first financial services challenger that aims to serve customers in an easy, affordable and transparent way. This common background, the respective companies’ geographical exposure and as well as the products of Lunar and Instabank complement each other very well. By joining Lunar, the Instabank team will receive full support to continue and accelerate its impressive journey so far.

Robert Berg, Co-Founder and CEO of Instabank, comments: “We are excited over the opportunity to become part of Lunar and together challenge, innovate and build an even stronger Nordic entity. We are convinced that the joint companies will benefit our customers, employees and stakeholders. We are impressed with the Lunar team, products and customer solutions and their great achievements in both the tech and banking sector. Teamed together we will lead the transformation of the Nordic banking markets, both for private and business customers, and offer banking services in a new and better way - the Lunar way”.

Cathrin Nylander, Chair of the Instabank Board of Directors, comments: "The Board of Directors is of the opinion that the Lunar offer reflects the strong financial performance, continued growth and solid position of Instabank, and represents an attractive valuation for the shareholders. We believe that a combination of Instabank and Lunar will be a strong Nordic fintech attractively positioned to compete with the Nordic banking leaders" Ken Villum Klausen, Founder and CEO of Lunar, comments: “We are excited for the opportunity to join forces with Instabank and together challenge, innovate and build a stronger Nordic entity that will benefit our customers. We are impressed with the Instabank team and together we can lead the change the Nordic banking markets need”.

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