Lunar doubles revenue in 2023, pushes for profitability

Nordic neobank Lunar doubled revenue in the first half of the year Lunar doubled net interest and fee income in the first half of 2023 compared to the same period last year.

Despite the revenue bump, Lunar still has not reached profitability, but its loss for the period narrowly sharply to DKK 213m, down DKK788m in the same period in 2022.

The Nordic challenger bank saw both net interest and fee income double, hitting DKK 184m in the first six months of 2023, up from DKK 90.1m in the same period last year. 

Lunar, which was rumoured recently to be on the verge of a merger with UK rival Monzo, scored its banking license in its native Denmark in 2019.

It has more than 750,000 private and business customers across the Nordics. More than 50,000 new customers were added in the first six months of 2023 in Denmark, Norway and Sweden.

The challenger bank saw net interest and fee income double, hitting DKK 184m in the first six months of 2023, up from DKK 90.1m in the same period last year. 

"Our goal is to create the best everyday bank for private and business customers in the Nordic countries. At the same time, it is necessary to increase earnings and become profitable faster. The first half of the year shows that we are on the right track, and we are continuing with our focus on growth", Rie Ruby, Lunar’s chief financial officer said.