Nordic challenger bank Lunar announced this week it has launched banking accounts specifically for teenagers. The launch of the accounts comes two months after the company raised an additional €20 million through its extended Series B, bringing the funding round’s total amount to €46 million raised. Lunar will use the funding to continue the growth and expansion of its digital banking platform. The company added that Ole Mahrt, Monzo’s former head of product, will also be joining its board of directors.
As previously reported, Lunar claims to be a digital that has a vision to build a financial super app bundling all services essential for users.
“We make things easier for more than 150,000 users in the Nordics every day. Get a sleek card and account for free and manage with the neatest tools. We don’t believe we are the best at everything – that’s why we team up with partners providing the best products, so users can tailor the experience to their needs.”
Lunar recently launched its new banking service in March after acquiring its banking license in 2019 and the banking group offers free accounts and a subscription-based service called Lunar Premium. According to EU-Startups, users between 15 and 17 may sign up for the accounts, which will offer a limited set of features including basic account and card services, spend overview, saving goals, budget tools, instant notifications and free transfer/payments services. While sharing more details about the accounts, Peter Smith, Lunar’s CEO, added:
“Our aim is to show that responsible money management can be fun and inspirational, and when our younger users turn 18, we are here to guide them further with our full product palette.”