What is Lunar? Lunar Review

Service Introduction

The Lunar Way app currently offers budgeting, spending notifications, transfers, bill payments and card freezes, but with the new banking license it will likely offer more features such as loans, insurance and multi-currency cards.

Lunar has also launched a youth bank account service, providing the opportunity for young people aged 15 to 17 to start developing financial awareness as early as possible.

Business Model

Lunar Way believes that the company's service targets the so-called "Sampchat generation" of young people, so they decided to build a banking experience around mobile terminals. Many banking services can be implemented on this app, such as opening a bank account, applying for a MasterCard debit card, receiving real-time spending transaction information, querying consumption transactions by shopping category or merchant, paying bills, etc. It is worth mentioning that in order to cultivate users' good consumption habits, the Lunar Way app can also set a consumption limit to prevent excessive card swiping that exceeds the user's repayment ability.

Financing

On December 12, 2016, Lunar announced that it had received a 4.2 million euro venture capital investment, led by SEED Capital Denmark, a well-known local venture capital firm, and a group of unnamed angel investors.

In August 2019, the Nordic banking app Lunar Way received 26 million euros in financing and a European banking license.

In October 2020, Nordic digital bank Lunar announced that it had received 40 million euros in Series C financing. The funds from this round of financing will be used to expand its commercial banking products and its consumer credit products. It is preparing to open the first commercial bank account for individual traders in Denmark and will launch BNPL (buy now, pay later) products.

References

• 1. Danish mobile banking developer Lunar Way received 4.2 million euros in financing, intending to replace traditional banks: Lieyun.com [cited on 2016-12-12T16:00:00.000Z]