Danish neobank raises EUR 12 million to expand business lending and platform development
kompasbank, the youngest bank in Denmark, raised EUR 12 million in new funding. The SME focused neobank has now raised more than EUR 40 million in capital since receiving the banking licence from the Danish FSA in March 2021.
kompasbank, the Danish neobank dedicated to help small and medium-sized businesses, is the youngest bank in Denmark, but still very successful in raising capital. The latest funding round was closed just before Christmas resulting in a total of EUR 12 million in new funding, which means the bank has now raised more than EUR 40 million in capital since the bank received its licence in March 2021.
“2022 was in many ways unpredictable and unprecedented, and has created a more challenging environment for SMEs to navigate. We are pleased that our customers have shown us the trust and confidence to help them continue their operations, and – in many cases – grow their business,” says founder and co-CEO, Michael Hurup Andersen.
The capital increase, which was driven by both new and existing investors, will give kompasbank an opportunity to deepen current customer relations and to better serve and develop additional financial services targeted to SMEs.
“We are very pleased with the support both existing and new investors have shown us in 2022. It is a recognition of the results that the team has managed to create in our first full year of operation and an indication that investors can visualise the sustainability of our business model,” says Michael Hurup Andersen and continues:
“For this specific capital round, the investors have been focusing on three core elements; the growth of our existing customer base, our independent banking platform and our opportunity to scale our business model significantly. We are looking forward to 2023 which should provide both challenges and opportunities for us and our customers. We aim to use our international footprint to serve our customers in a differentiated way, which also allows us to operate on different markets with attractive diversification as an added asset.
In the first half of 2022, kompasbank had a lending growth of 842 per cent to EUR 60 million and a total balance of EUR 88 million. Both deposit and loan growth has been maintained into the second half of 2022, where the bank also launched a new B2B marketplace with digital services for SMEs.
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