Mobile banking startup Lunar Way enters its next phase with funding of EUR €4.2 million (41 million SEK) from investors. The main investor is SEED Capital Denmark, along with a number of angel investors. Earlier this year Denmark’s biggest mortgage lender Nykredit also invested a minority stake in Lunar Way. The funding boost will help Lunar Way even more with its mission to make everyday banking easier and faster for young Scandinavians.
Lunar Way is a mobile banking app, founded in late 2015. In the Nordic countries, they team up with local partners in each country, making it possible also to offer loans and credit to users. They pair modern technology, experience and design with the safety of their partner bank.
We want to change the way we bank by reengineering financial products to fit our mobile lives. We truly believe in playing to your strengths. That’s why we partner up with local incumbents who provide credits and bank know-how. And at the same time, we can develop digital solutions faster than any bank. This partnership-model even embraces national subtleties and FSA regulations, Ken Villum Klausen, CEO at Lunar Way, says.
Lunar Way’s investors want to conquer the banking market with a constant flow of new ideas and future in-app services like loans or foreign currency exchange. Lunar Way’s interface resembles those of mobile apps such as Spotify and Snapchat. This makes the user experience faster, with focus on intuition, convenience and accessibility.