Danish neobank Lunar Way has grand plans: to change the banking industry and give back to bank clients. It is a fintech company that offers a 100% digital banking experience via the free app. The startup’s main aim is to make online banking easy and accessible. After having been awarded an AISP license and a PISP license in 2018, Lunar Way is now authorized to act as a payment institution.
The startup has recently launched Lunar Way Payback, an app, where new and current clients can earn up to 2% on their money.
The concept has proven to be successful after operating for a few months, as customers are tired of 0% in interest, fees for having the account, and inflation – these are all factors that might motivate bank clients to find another solution.
“Today, most banks are organized in such a way, that the consumer is the loser and the bank the winner. […] The gap between bank and customer has simply grown too wide,” says CEO and founder Ken Villum Klausen.
However, Ken also highlights that the new concept is only a small piece of the bigger puzzle:
“Lunar Way is built on a technology that can solve many of the tasks that traditional banks need hundreds of employees to solve. And since we don’t have any expenses on physical banks and administration, we can live up to the demands many modern users have today for transparency in regards to pricing, availability through our app and presence through our customer service, that has the best reviews in the business.”
Lunar Way experienced an increase of users in 2018 and it currently has 6 000 users on average every month in Denmark and Sweden, and the number is rapidly growing.