Lunar launches all-in-one corporate credit card to win over SME customers

By Aisling Finn on Wednesday 26 May 2021

Digital Banking

SMEs can control who uses the card and what they spend all in the Lunar app.

Lunar launches all-in-one corporate credit card to win over SME customers
Image source: Lunar

 

Nordic challenger bank Lunar has added another feature to its ever-growing product offering.

The digital bank has today launched its first corporate credit card to help entrepreneurs and businesses simplify spending.

Lunar’s new card marries its existing business banking services with better cash flow management tools to allow businesses to see all their finances in one place.

“There is a real problem in expense and payments management that we as an account issuer can help to solve,” Ken Villum Klausen, founder and CEO of Lunar, said.

“We have a banking license that makes it possible for us to provide an all-in-one solution for smaller businesses with high levels of security. We let business owners give their team members individual corporate cards and give them full control in our app-based dashboard.”

The new card also makes online payments easier for SMEs and their employees as Lunar has implemented two-factor authentication directly in the app. 

Founded in 2015, Lunar has amassed over 250,000 personal customers and remains the only cloud-based digital banking platform to have secured a banking licence in the Nordics, which it did so back in 2019. 

Earlier this year, the digital bank also acquired Sweden’s largest loan marketplace Lendify for an undisclosed sum.

The Nordic challenger bank is hoping to grow its consumer loan offering and expand its operations in Sweden thanks to its purchase of the alternative lender. 

Lunar has been steadily launching new products recently, in the hopes of becoming the go-to digital banking service in the Nordics.

In December 2020, the digital bank launched a ‘pay later’ function for its customers, taking on buy-now-pay-later-giant Klarna and giving its customers the ability to split all transactions into four instalments retroactively or postpone a payment for up to 30 days.

At the beginning of November 2020, Lunar also took its first steps into the world of joint accounts, allowing its Premium and Pro customers to share their account with up to ten people in the Lunar app.

All these product launches have been made possible by the bank’s €40m Series C it closed in October 2020, taking its total raised to date to €104m.

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