As it prepares to launch later this Spring, neobank Lunar Way has added a couple of financial services heavyweights to its board of directors. Former Nykredit managing director Henning Kruse Petersen will become chairman of the board, joined by Swedish Nordnet chief technology officer Tuva Palm. The board already contains Sebastian Vestergaard, CFO at Joe & The Juice, Niels Vejrup Carlsen, associate director at Seed Capital, and Mads Kjær, CEO at Kjaer Group.
Following a well-established trend started by Simple, Lunar Way is promising to bring slick, digital banking services to millennials, while outsourcing the regulatory hassle to partners.
“I’m obviously very interested in the Fintech and with my background, but this was a unique service that solves the user experience for the intended audience. And the team was very driven. I have met many startups and I can see when they have the right focus”, said Tuva Palm, who besides Nordnet has a past at Klarna.
The startup, which is backed by Seed Capital, has signed up a partner bank in Denmark for a Spring launch. With plans to launch in Sweden and Norway by the end of the year, it hopes to have reached 85 000 Scandinavian users in 2016 before expanding throughout the rest of Europe.
Users will get access to a MasterCard debit card and an app that offers an overview of accounts and transfers, and let them deposit money, pay bills and login via Touch ID.
“We are creating a brand new concept, nothing like what you’ve seen before in Denmark, and that’s why we’re glad to have a solid board made up of experienced business and financial members.” says Ken Villum Klausen, CEO, Lunar Way.