Exclusive: Danish challenger bank Lunar steps into the world of joint accounts

By Aisling Finn on Tuesday 3 November 2020

Digital Banking

The new feature will allow Lunar’s users to add up to ten people to their account and will give connected accounts to socially interreact with transactions.

Exclusive: Danish challenger bank Lunar steps into the world of joint accounts
Image source: Ken Villum Klausen/Lunar

Nordic digital bank Lunar has today launched joint accounts for its Premium and Pro customers. 

The fintech will let customers share their account with up to ten people and will also allow those connected with your account to interact with your transactions in a first from a digital bank. 

Ken Villum Klausen, founder and CEO of Lunar, said: “It has been a very requested feature from our users to share accounts with their partner, but we have also seen a lot of new smaller communities flourish during covid19 as online book clubs, cycling clubs and outdoor activities. We want to support the need to share experiences with easy money management.” 

Connected accounts will be able to use emojis and add comments to purchases, making Lunar a social platform as well as a bank. 

Villum Klausen went on: “Sharing your finances with others is definitely a trust exercise and we want it to be engaging and fun to share accounts and be on track with joint spending.” 

The latest feature will be rolled out to Lunar’s paying customers and will automatically give up to ten people access the new connected account. 

When signing up for a joint account, customers can either order a physical card or immediately generate a virtual card and add it to Apple or Google Pay straight away. 

Lunar’s latest product launch comes less than two weeks after the fully licensed bank closed a €40m (£36m) Series C funding round, with the fresh cash being used to expand its business banking offering and extend its reach across the region. 

At the time of the raise, CEO Villum Klausen said: “We are building one app that will break up the monopoly-like Nordic banking infrastructure.” 

Since launching in 2015 in Denmark, Lunar has amassed over 200,000 personal customers and 5,000 business users across Denmark, Sweden and Norway.  

To date, the digital challenger bank has raised €104m (~£95m) and remains the only cloud-based digital banking platform to have secured a banking licence in the Nordics.  

In April of this year, Lunar teamed up with Danish bank Saxo to build a simplified trading platform for beginners, no doubt seeing a demand for an investment service thanks to the pandemic-related trading boom.  

The digital bank also launched a teen account, aimed at teenagers aged between 15-17, to help teach them better money management and help teens gain financial independence from their parents.

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