New mobile banking service, Lunar Way, to launch in Denmark
A new mobile banking service in Denmark, Lunar Way, is gearing up for launch as it has secured a local partner, Københavns Andelskasse (Copenhagen Cooperative Bank).
Lunar Way is itself not a bank, but is a provider of digital financial services, similar to Simple or Moven.
Its model is to partner with established banks (that have banking licences) – and following a successful signing in Denmark, it hopes to secure similar partnerships in Sweden and Norway and launch before the end of the year.
Lunar Way hopes to onboard 85,000 Scandinavian users this year. There are then plans to go pan-European.
Its proposition is a MasterCard debit card and a mobile app that offers an overview of accounts and transfers, and let customers deposit money, pay bills and login via Touch ID.
Lunar Way’s target market is the millennial generation. “Millennials believe in banking that is easy, personal and driven by mobile technology. They think banking should be about having a digital extension of their lives,” the company says. They want to manage their finances in an open, friendly and collaborative way – and Lunar Way aims to provide the mobile banking experience for this segment in Scandinavia “that no one else will”.
Who’s behind Lunar Way
Lunar Way is backed by a Scandinavian venture fund, Seed Capital.
Henning Kruse Petersen, ex-MD of Nykredit, is Lunar Way’s chairman of the board.
Tuva Palm, CTO of another financial services venture, Nordnet, is among the board members.
Other members of the board are Sebastian Vestergaard, CFO at Joe & The Juice, Niels Vejrup Carlsen, associate director at Seed Capital, and Mads Kjær, CEO at Kjaer Group.