Since December 2022, Kompasbank has raised a total of DKr270m. Credit: MEE KO DONG / Shutterstock.

Kompasbank has raised DKr40m ($5.94m) in capital, primarily from existing investors, to bolster its lending portfolio and expedite the development of its offerings.

The digital business bank’s focus on small and medium-sized enterprises (SMEs) in Denmark, a segment comprising more than 247,000 companies in the country, is set to intensify with this financial boost.

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This capital infusion is part of Kompasbank’s growth plans, targeted at growth in Denmark and Spain.

Additionally, the bank is set to accelerate the launch of new business products and services, including leasing, currency, and payment solutions.

Since December 2022, Kompasbank has garnered a total of DKr270m in capital, culminating in a combined DKr480m from Series A and B funding rounds.

The demand for Kompasbank’s products has been strong, with an 11.4% rise in lending to the SME segment year to date.

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This surge in lending activity has significantly contributed to the bank’s financial performance, with net interest and fee revenues soaring by 36% in the first half of 2024.

Kompassbank founder and CEO Michael Hurup Andersen said: “We have opened a broader value offer over the summer so that, in addition to financing, we can also start acting as a full-service bank to the SME segment.

“The new capital will be used to grow our loan portfolio and get even closer to our customers because we can now solve more and more of the needs they have for an operating bank.”