Lunar launches its Nordic account infrastructure

Wednesday 7 June 2023 11:53 CET | News

Denmark-based fintech Lunar has opened up its Nordic payment infrastructure to enable instant payments, with Trustly being its first partner.

Following this launch, the Nordic banking infrastructure will be able to handle third-party payments and clearing processes via an API. By partnering with Lunar, Trustly will have the possibility to offer its clients instant payments in local currency, through a single integration of the infrastructure. 

Furthermore, Lunar’s cloud-based banking infrastructure and API service will extend the company’s capability to include Banking Services. The product will be first made available in Denmark, with the companies aiming to expand their partnership to cover the entire Nordic area in the near future. Currently, Lunar has clearing permits in Denmark, Norway, and Sweden, with the possibility to offer access to cross-border payments and transactions, as well as clearing in the Nordics to third parties. 

Denmark-based fintech Lunar has opened up its Nordic payment infrastructure to enable instant payments, with Trustly being its first partner.

Lunar’s past partnerships and product launches

Lunar is a digital bank that offers its customers and clients multiple services and solutions, aiming to simplify and improve their overall financial experience. The company had several partnerships and product launches in the last couple of months, covering a couple of geographical areas around the globe. 

In February 2023, Lunar, Froda, and Visa collaborated to deliver an SME lending service, focusing on improving the way businesses and companies access financing for their growth initiatives. The solution was designed to use push-payment functionality for financing, and it planned to facilitate the decrease of transaction time within a process that would normally take months. Froda provided the tools as an API-based white-label service in collaboration with VISA business card issuers. The SMEs were set to be allowed to apply for a business loan from their card provider. As part of the application, clients needed to enroll their business cards for loan payouts and recurring transactions for future amortisations and interest payments.

Within the deal’s framework, Lunar’s clients were enabled to access business loans via Froda’s proprietary embedded lending platform, which featured direct payments and repayments through Visa’s cards. 

Earlier in the same month, the Denmark-based fintech raised EUR 35 million in new capital in order to fund its plan of expansion in the Nordic region and attain profitability. The round was led by already existing investors such as Tencent, Heartland, IDC Ventures, and Kinnevik. Lunar aimed to use the funds for accelerating its path toward profitability as it was already expanding in the Nordic area. 

Lunar raised EUR 70 million in March 2022 in an investment round, which was used to improve its crypto and payments offerings, while the company settled aside a sum of money for potential acquisitions. 

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Keywords: partnership, product launch, online banking, digital banking, mobile banking, banking, financial institutions, financial services, expansion
Categories: Banking & Fintech
Companies: Lunar, Trustly
Countries: Denmark
This article is part of category

Banking & Fintech




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