May 29, 2022

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Lunar Bank will buy Instabank for NOK 1.29 billion

Lunar Bank will buy Instabank for NOK 1.29 billion

Danish fintech company Lunar will buy Instabank for 1.29 billion, according to a stock exchange announcement on Monday.

Lunar and Instabank entered into a transaction agreement regarding the acquisitions, and Instabank’s Board of Directors unanimously decided to recommend an offer of 3.75 per share. The total capital of Instabank is estimated at 1.29 billion NOK.

The report states that the quoted rate is Lunar’s final best offer rate for Instabank.

Instabank, which was founded in 2016 and listed on the stock exchange in 2020 with a market capitalization of NOK 410 million, is a bank that offers consumer loans, secured loans, credit cards and savings. It is headquartered in Oslo, but also operates in Finland and Sweden.

Robert Berg, CEO of Instabank, is looking to become part of Lunar Bank.

Robert Berg, CEO of Instabank, is looking to become part of Lunar Bank. (Photo: Gunnar Lear)

We are excited about the opportunity to become a part of Lunar, challenge together, innovate and build a stronger Scandinavian unit. We are convinced that the joint venture will benefit our customers, employees and stakeholders, says Robert Berg, co-founder and CEO of Instabank, and adds:

Together, we will lead the transformation of the Nordic banking markets, for both individual and corporate clients, and offer banking services in a new and better way – the lunar way.

Since the new year, Instabank’s share has increased by about 18 percent to reach NOK 800 million market capitalization.

Among the largest shareholders of Instabank are Christine Svias and his company Kistefoswhich owns more than 83 million shares in the bank.

Former soccer player Martin Andersen poses alongside the owner with his team Berklundin Investingscape. Christian Valnes and Torsten Twenge also invested in the bank.

Hollywood support

The cloud-based banking platform was created in 2015 by founder and general manager Ken Velum Clausen, and aims to reach one million customers by 2023.

We are pleased to have the opportunity to join forces with Instabank, challenge and innovate, and build a stronger Scandinavian unit that will benefit our customers. According to the report, we are fans of the Instabank team, and together we can lead the change the Nordic banking markets need.

Headquartered in Denmark, Sweden and Norway, the bank has so far had more than 400,000 customers, the company says. Lunar raised a total of 345 million euros in capital from investors and obtained a banking license in 2019. Founded with an office in Oslo, Lunar has 70,000 clients in Norway.

American actor and comedian Will Ferrell recently came along with the owner at the bank. It is also the bank’s interface to the outside world and counters the bank’s ads.

More investors

This summer, the company solidified its position by raising NOK 2.1 billion in funding for the second tier of football. This is four times the minimum amount the entrepreneur has declared he will raise. Then the company became, according to Swedish Today’s industryat 10 billion kroner, thus obtaining unicorn status.

A Danish family-owned investment firm, Heartland, is the principal investor in the company, According to Shifter. Other major investors are Sweden’s Kinnevik, one of the leading European investors for growth through equity capital investments in, among others, Oda, and Chinese internet giant Tencent, which is behind tech company Whatsapp, among others.

Representatives such as SEED Capital and Chr. Augustinus Fabrikker are also investors in Lunar. (Terms)Copyright Dagens Næringsliv AS and/or our suppliers. We would like you to share our cases using a link that leads directly to our pages. All or part of the Content may not be copied or otherwise used with written permission or as permitted by law. For additional terms look here.

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