kompasbank closes Series B round at 230 million kroner

kompasbank A/S has just secured an additional DKK 75 million in a capital increase, bringing the total Series B round to over DKK 230 million. The substantial amount was raised in three tranches over the past 12 months.

The capital increase, driven by both new and existing investors, enhances the bank’s ability to continue growing its core business and deliver additional services and platform solutions to the SME segment throughout 2024.

“The completion of the Series B round allows us to help even more SMEs on their journey and provide our customers with less friction and more agility in their relationship with the bank. With the closing of the final tranche, we can continue our work to expand our platform and deepen our customer relationships,” says kompasbank’s founder and CEO, Michael Hurup Andersen, adding:

“Both existing and new investors have contributed, and we would like to thank them for their trust and support in what has otherwise been a challenging market. We have raised funds gradually as we achieved specific milestones, which have been met continuously as a result of ongoing dialogue with our investors.”

New business area coming in 2024

kompasbank’s mission is to help small and medium-sized enterprises (SMEs) reach their full potential. Since receiving its banking licence in 2021, the bank has primarily done this by providing improved opportunities for businesses to invest in their operations through easier access to financing. In 2022, the bank also streamlined SMEs’ operations through the digital marketplace, kompasbank navigator. In 2024, kompasbank will expand with yet another business area. 

“SMEs across Europe have long lacked a bank with a dedicated SME focus that can help them support their growth and strengthen their balance sheets. We have taken on that role by initially ensuring easier access to financing and offering more tailored solutions than the market has previously been able to provide,” says Michael Hurup Andersen, adding:

“In 2024, we will launch a new business area where we believe we can make a significant difference for our customers. It is too early to go into detail about the product, but geographically, we are in Denmark, and our target is SME customers. For us, this is a major step and an evolution in how we operate as a bank. Over time, with the ongoing expansion of our platform and team, we will offer SMEs something beyond what is typically expected from a bank. It’s not just about strengthening their balance sheet but also their purchasing power and competitiveness.”

kompasbank is currently established in Denmark, Germany, and Spain and has raised more than DKK 440 million in both Series A and Series B rounds.