Ken Villum Klausen, Founder and CEO, Lunar Way

Denmark-based banking app Lunar Way has announced that it has raised €26 million in funding and has received a European banking license in the process. The Nordic fintech aims to utilize the funds raised in the development of their new Nordic bank as well as enhance their market position.

“Unlike other fintechs that have chosen to expand vertically, Lunar Way’s approach is to go deep in the Nordics, building not just a supplement for users to have when traveling or as an add-on to their other banking solutions, but as a 100% digital, innovative and true alternative to traditional banks, ” Ken Villum Klausen, Founder and CEO, Lunar Way said.

Established in 2015 in Denmark, Lunar Way 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.

Lunar Way has stated that it is all set to provide insurance, loans and multi-currency cards in Denmark. The fintech is also expecting to tie up with Saxo Bank for investments and expand its coverage across Sweden, Norway, etc.

“We already offer the users control of their entire personal finances, spending overview, savings, interactive budgets and up to 4% interest. The plan going forward is to collaborate with those who offer the best financial solutions out there and tie the whole thing together in the Lunar Way app. From here the user can access, view and handle all their personal finance needs,”

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by Megha Bhattacharya
Market Analyst at IBS Intelligence
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