UK digital bank Monzo is in early stage talks to potentially acquire Nordic neobank Lunar as part of its European expansion plans. Monzo is also exploring other potential acquisition deals alongside Lunar.
Facts
- Monzo is in discussions to acquire Nordic neobank Lunar, aiming for a European expansion push through this acquisition.
- Lunar recently raised €35 million in funding in February to move towards profitability and serves over 650,000 customers in Denmark, Norway, and Sweden.
- In March 2022, Lunar’s attempted acquisition of Norway’s Instabank for €132 million fell through due to an inability to secure the necessary additional capital required by regulatory authorities.
- Monzo, established in 2015, currently has approximately 7.5 million customers in the UK but has yet to report a full-year profit.
- Monzo’s losses have decreased by 2%, going from £119 million the previous year to £116.3 million for the year ending February 2023.
- Monzo achieved monthly profitability for the first time during the initial two months of 2023.
