App-based banking is marking the future of digital banking. Already, we have seen the UK’s Monzo and Revolut among others soar to great heights. Now, it’s time for their Danish rival Lunar.
In a recent development, Lunar has picked up €24.1 million in funding from major existing investors. This follows the €70 million Series D-2 funding round raised in 2022. This financial boost comes at a time when the company is ambitious to expand its operations within the Nordic region.
The new funding will support this expansion strategy, particularly enhancing Lunar’s product offerings and operational capabilities in Sweden. It also aims to reinforce the bank’s overall capital position, adhering to regulatory requirements set by the Danish Financial Supervisory Authority.
A %100 digital bank
Founded by Ken Villum Klausen in 2015, Lunar is an independent, regulated, and licensed bank. Account holders will be in charge of their money with Lunar’s all-in-one app, fair prices, and transparent terms.
Among its offerings are checking and deposit accounts, loans, and other credit services like buy now, pay later, and stocks, funds, and ETF investing. It also has business accounts, loans, and financial management for small and medium businesses.
ts account holders get a physical and digital debit card, an investment platform, and a portal to apply for loans. The other features that make the disruptor organization different are fund transfer abroad with no transaction fees, ATM facility with no withdrawal fees, and comparatively high 1.05% interest on savings.
Lunar claims that it is designed with the customer in mind. It is 100% digital, always accessible, and provides everything a customer needs to make the most of his money. More than 850,000 users in Denmark, Sweden, and Norway use Lunar, including 20,000 entrepreneurs who use Lunar Business to manage their business finances.
All-in-one finance app
Lunar has an all-in-one companion app that offers budgeting, savings pots, and pay-later features. Customers can do instant domestic bank transfers with no fees and one does not have to change banks to use the app. They can control their finances with the app. It is a smarter digital bank to which customers can move their accounts from a traditional bank for efficiency, better interest rates, and waiver of fees on several things.
