Challenger bank Lunar launches account for young adults

Source: IBS Intelligence 2020-06-08

Nordic challenger bank Lunar has reportedly launched an account and card designed to help teenagers better manage their money. The app has been designed for 15 to 17-year-olds and will offer a basic account and card, spend overview, saving goals, budget tools, instant notifications and free transfers and payments. According to Lunar, the new offering will enable it to increase its base of 150,000 users throughout the Nordics.

Peter Smith, CEO, Lunar, said, “Learning to manage your own money as +15 is is a core skill that will benefit you for the rest of your life. Our aim is to show that responsible money management can be fun and inspirational, and when our younger users turn 18, we are here to guide them further with our full product palette.”

Recently, Lunar secured an additional €20 million in its Series B extension round led by Seed Capital, with participation from Greyhound, Socii, and Augustinus, according to media reports.

Last year, the company announced that it had gone live with its stock trading feature Lunar Invest. The challenger bank had teamed up with trading and investment solutions provider Saxo Bank in a bid to integrate its trading infrastructure with the Lunar app.

Established in 2015 in Denmark, Lunar is a FinTech that aims to provide a 100% digital banking experience through its banking app. In 2018 Lunar Way received the two PSD2-licenses – AISP and PISP and in 2019 the Nordic FinTech received a European banking license from the Danish FSA.

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Challenger bank Lunar launches account for young adults

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