This launch aims to scale Lunar’s operations and offer BaaS (Banking-as-a-Service) for the Nordic countries of Europe and beyond.
Due to COVID-19, demand for BaaS platforms increased in medium and small-sized enterprises as digital banking services were adopted across several domains in Europe. Integration of AI, blockchain technology, and API services within Internet banking led to the growth of the market.
The financial companies' revenue for BaaS services in Europe is estimated to amount to EUR 30 billion in 2024. The market is expected to grow by reaching EUR 100 billion by 2030, representing a growth of 230% over five years.
A few trends projected for the next few years include increasing demand for Embedded Finance driving BaaS, and the rise in adoption of BaaS platforms in large organisations boosting the market.
Since the launch of Lunar’s Banking Services in 2023, interest from international challenger banks and fintechs has grown significantly. To date, Lunar has established partnerships with 14 companies, including Saldo Bank, Trustly, TrueLayer, PPRO, and Currencycloud.
Lunar’s Banking Services process over 10,000 transactions daily and support EUR 5 billion in transaction volume run rate, an increase of five times since June 2024 supplemented by the high demand from existing clients as they become acquainted with Moonrise’s infrastructure.
By taking the first steps toward transitioning Banking Services into Moonrise, Lunar ensures each business area has the independence and resources needed to capitalise on its opportunities and scale faster.
Moonrise aims to simplify financial connectivity for payment businesses, enabling operations across Denmark, Norway, and Sweden through a single API.
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