Lunar Way eyes Sweden and Norway after getting new investor and banking partner, Nykredit

As part of this agreement, in two months’ time Nykredit will replace Københavns Andelskasse (Copenhagen Cooperative Bank), the start-up’s initial banking partner.

Lunar Way is similar to US providers Simple or Moven and partners established banks (that have banking licenses).

Following a successful signing in Denmark, it is now working on similar partnerships in Sweden and Norway with plans to launch before the end of the year.

The company is confident that it will remove friction in user’s experience by partnering with multiple local banks which essentially enables a Swede to have a Swedish account, a Dane a Danish account, a Norwegian a Norwegian account – all through the same interface, the Lunar Way app. And without the associated middleman costs.

The goal is to onboard 85,000 Scandinavian users this year, and then go pan-European. Millennials are Lunar Way’s target segment.

Its proposition is a MasterCard debit card and a mobile app that offers an overview of accounts and transfers, and let customers deposit money, pay bills and login via Touch ID.

Beta testing is currently underway in Denmark.

Lunar Way is backed by a Scandinavian venture fund, Seed Capital.