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Lunar - revolutionizing the modern bank
Today's Highlights
- Lunar - creating a more efficient banking system
- Today's Infographic
- In Other News - a few interesting developments we're tracking.
Lunar - creating a more efficient banking system
Neobanks are financial technology businesses that provide internet-only financial services without physical offices. They appeal to tech-savvy customers who donāt mind using a mobile app to handle most of their economic activities. Neobanks donāt just favor cutting-edge technology because it is trendy. They cut costs while providing banking services by eliminating physical branches and moving their operations online. It allows these banks to offer lower fees and more services to underbanked consumers.
Lunar is a neobank based in Denmark. Lunar offers banking products to individuals and businesses via a mobile app. The company provides its customers with the option of using its app as a standalone tool and also allows customers to link other bank accounts to the app. The company initially started out as a Personal Finance Management (PFM) app in 2016 but has since rolled out other banking products following the receipt of its own banking license in 2019. The app offers bank accounts with checking and savings facilities, which include debit cards, at no annual fees. The app also facilitates payments and instant money transfers. In addition, the app enables customers to link their Lunar cards with digital wallets such as Apple Pay and Google Pay.
The appās PFM tools provide budgetary features, which categorize spending habits and provide real-time updates on an individualās actual financial position in comparison to their budget. In addition, it provides a personalized savings feature whereby customers can create separate savings categories and track their progress in terms of how much they need to save to achieve specific goals. Moreover, the app provides automated savings facilities. For instance, the app is able to automatically round up amounts spent by cards and save the difference. In addition, the app provides investment portfolios in which customers are able to invest. In March 2022, it launched a crypto trading platform too. With the launch of the crypto trading platform, Lunar aims to enable its users to trade Bitcoin, Ether, Dogecoin, Cardano, and Polkadot at the platform. Lunar seeks to make cryptocurrency trading āhassle-freeā. While currently, users can have an account with a crypto exchange separate from their bank account, Lunar plans to provide banking and cryptocurrency under one roof.
Ken Villum Klausen is the CEO and founder of Lunar. Lunar has raised a total of $485.9M in funding.
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Tom Mitchelhill
Tom Mitchelhill