🇸🇪 Scandinavian Digital Bank
Lunar is a Scandinavian digital bank providing varied services, including crypto trading and fee waivers.
Today's Highlights
- Lunar - blending technology and finance in Scandinavia
- Today's Infographic
- In Other News - a few interesting developments we're tracking
Lunar - Blending Technology and Finance in Scandinavia
Lunar is a Scandinavian digital bank, described as an industry leader in the Nordic region. Unlike many other neobanks, it is a fully-regulated and licensed bank in Sweden, Denmark and Norway with a client base of 500,000 and deposits exceeding Euro 1.3 billion. Among its offerings are checking and deposit accounts, loans and other credit services like buy now, pay later, stocks, and ETF investing. It also has business accounts, loans and financial management for small and medium businesses. Its account holders get a physical and digital debit card, an investment platform, and a portal to apply for loans. The other features that makes the organization different are fund transfer abroad with no transaction fees, ATM facility with no withdrawal fees, and comparatively high 1.05% interest on savings.
The bank has a powerful app with 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. Customers can control their finances with the app. It operates only in Swedish Krona and charges 20% interest rates on overdrafts. It is in fact, 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 features.
Crypto trading could be an interesting factor for Nordic customers. At present, Nordic banks do not transact with international crypto platforms as there is no regulation for tracking those transactions. Lunar believes it can bring people to the platform to trade, and get them to cash out with Lunar itself, making money off the exchange or service fees associated with the transactions. The bank has said initially users can trade and cash out Bitcoin, Ethereum, Cardano, Polkadot and Doge.
Ken Villum Klausen is the founder and CEO of Lunar. Lunar has raised a total of $485.9M in funding.
🧐 Today's Infographic
In Other News
Null Transaction PR
Will Izuchukwu
Will Izuchukwu