By Aisling Finn on Thursday 21 May 2020
This is the first fintech partnership for financial management app Subaio.
Nordic challenger bank Lunar has partnered with Nordea-backed fintech Subaio.
Subaio will provide Lunar’s premium customers with the ability to manage and unsubscribe from subscriptions they don’t want all within the Lunar banking app.
Since receiving its full European banking licence in August 2019, the app-only bank claims to have over 150,000 customers and employs 120 staff across Scandinavia, although it is not known how many of these customers are premium users.
Joachim Stroejer, chief product officer at Lunar, said: “Our goal is to make sure that our users get more out of their money in our app.”
“We can see that subscriptions are being consumed more and more. That is why we want to give our users better control of their subscriptions and make sure that they can manage them from one app,” he added.
According to a report from consultancy firm McKinsey, the entire subscription economy has increased by 100 per cent every year for the past five.
In April, Lunar revealed it had added €20m to an already successful Series B funding round, bringing its current total raised to €46m.
Last month, the challenger bank also launched an ‘easy-to-use’ trading platform aimed at fledgeling investors in collaboration with fellow Danish bank Saxo and lets users trade in both international and Danish stocks and shares.