Unicorn Companies in Denmark in 2024
Denmark’s startup ecosystem is a hidden gem, quietly amassing momentum and recognition on the global stage. Starting with Just Eat in 2001, the country's entrepreneurial spirit has only grown stronger. By July 2024, Denmark can proudly say it has produced two unicorn companies, each worth over a billion dollars.
The fintech sector is where these unicorns shine the brightest. For instance, Pleo hit the $1 billion mark in just six years, a record for Danish companies. This quick success shows the strength and innovation of Denmark’s tech industry.
This growth isn’t just about numbers. Denmark has created a welcoming environment for startups through programs like Startup Denmark and Innobooster, which help new businesses get started and grow. Plus, with favourable tax rates and a lot of foreign investment, Denmark is a hot spot for innovation.
Let’s take a look at the unicorn companies in Denmark and their incredible journeys. These remarkable Danish unicorns are not just leading the fintech revolution but also setting new standards for innovation and growth.
Rundown
S.No |
Name |
Valuation |
Date Joined |
City |
Industry |
|---|---|---|---|---|---|
1 |
Lunar |
$2B |
2021-12-07 |
Aarhus |
Financial Services |
2 |
Pleo |
$4.70B |
2021-07-06 |
Copenhagen |
Enterprise Tech |
List of unicorn companies in Denmark
Lunar
- Valuation: $2B
- Industry: Financial Services
- Investors: SEED Capital, Greyhound Capital, Socii Capital
- Unicorn Milestone Date: 07/12/2021
About
Lunar is a digital challenger bank founded in Aarhus, Denmark, in 2015. As one of the notable unicorn companies in Denmark, it achieved unicorn status in 2021 after raising €210 million in Series D funding, valuing the company at over €1 billion. Lunar aims to revolutionise banking in the Nordic region by offering a 100% digital banking experience through its mobile app, providing users with smarter ways to manage their money, more control, easier investment tools, and transparent pricing.
Target Audience
Lunar primarily targets tech-savvy consumers and small businesses in the Nordic countries (Denmark, Sweden, and Norway). Their services are designed for individuals looking for a modern, user-friendly banking experience and entrepreneurs seeking efficient business banking solutions.
Business Model
Lunar operates as a fully licensed digital bank, offering a range of financial services through its mobile app and web platform. The company generates revenue through:
- Subscription fees: Lunar offers tiered plans (Simple, Essential, and Pro) for both personal and business accounts, with monthly or annual fees.
- Transaction fees: While many basic transactions are free, Lunar charges for certain services like international transfers.
- Interest margin: As a bank, Lunar earns interest on deposits and loans.
- Partnerships: Lunar collaborates with other financial services providers, potentially earning commissions or fees.
- Banking-as-a-Service: Lunar has opened up its infrastructure to enable instant payments for other fintech companies, creating a new revenue stream
Key Offerings
- Free personal bank accounts with positive interest rates
- Business bank accounts for SMEs and freelancers
- Virtual and physical Visa debit cards
- Savings accounts and budgeting tools
- Investment options (stocks, cryptocurrencies)
- Loans and credit products
- Mobile payment solutions
- Real-time domestic and international transfers
- API-based banking infrastructure for third-party companies
Key Management
- Ken Villum Klausen - Founder and CEO
Pleo
- Valuation: $4.70B
- Industry: Enterprise Tech
- Investors: Creandum, Founders, Kinnevik
- Unicorn Milestone Date: 07/06/2021
About
Pleo is a Danish fintech unicorn founded in 2015 and based in Copenhagen. As one of the rising unicorn companies in Denmark, it offers a comprehensive spend management platform that revolutionises how businesses handle expenses, reimbursements, and invoices. Pleo achieved unicorn status in 2021, becoming Denmark's youngest unicorn with a valuation of $4.7 billion as of December 2021.
Target Audience
Pleo caters to businesses of all sizes, from startups to enterprises, particularly those looking to streamline their expense management processes and gain better control over company spending.
Business Model
Pleo operates on a software-as-a-service (SaaS) model, providing a platform that combines smart company cards with automated expense management software. The company generates revenue through subscription fees for its services and potentially through transaction fees on card usage. Pleo's value proposition lies in its ability to simplify and automate expense processes, saving businesses time and money while providing real-time insights into company spending.
Key Offerings
- Smart company cards (physical, virtual, and vendor cards)
- Automated expense management software
- Invoice processing and payment
- Employee reimbursement system
- Subscription management
- Real-time spending analytics
- Multi-entity expense management
- Integrations with accounting software (e.g., NetSuite, Xero, QuickBooks)
- Spend controls and approval workflows
- Automated receipt capture and matching
Key Management
- Jeppe Rindom - Co-founder
- Niccolo Perra - Co-founder