Lunar switches to Thought Machine to power Nordic banking expansion

More new business for Thought Machine, after it achieved ‘Unicorn’ status at the end of 2021.

This time it comes from the Nordic banking app Lunar, which is switching to the cloud-native core banking firm for its banking engine Vault.

Specifically, Lunar says the switch will enable it to migrate all its existing accounts and functionality while opening a path to building entirely new products.

“To continue scaling our service across the region, investing in the latest and best technology is a top priority for Lunar. We searched for a core banking engine that would enable us to deliver on our product roadmap – not dictate it,” said Lunar’s CEO and founder Ken Villum Klausen.

“By removing the constraints and unlocking opportunities, Vault will enable us to build targeted products and streamline workflows as we scale.”

Lunar raised €210m last year to expand from its base in Denmark and continue growing, partly through acquisitions, with it snapping up rivals Lendify and Paylike.

At the moment, Lunar offers both a free, paid premium and paid pro accounts that all come with 0.5 per cent interest on savings and with additional features like stock trading and travel insurance for the more expensive offerings.

“The Lunar team has a clear, ambitious vision for the future of banking – they will combine open, modern banking architecture with a sophisticated user experience to create the region’s most comprehensive financial powerhouse,” said Paul Taylor, CEO and founder of Thought Machine.

“We’re delighted to be part of Lunar’s journey as they have certainly created a winning formula setting them up for success.”