Danish neobank Lunar Way is vowing to spread across Northern Europe, bringing its mobile-centric services to a host of countries by teaming up with local regulated banks.
Following a well-established trend started by Simple, Lunar Way is promising to bring slick, digital banking services to millennials, while outsourcing the regulatory hassle to partners.
The firm, which is backed by Scandinavian venture fund Seed Capital, has signed up a partner bank in its home country of Denmark and says that it is now in negotiations with local providers in Norway, Sweden and Germany about similar deals in the hope of spreading across the continent in the first half of next year.
Lunar Way claims that this partner model is the first of its kind for European neo-banking, giving it the advantage of rapid scaling as it competes with a host of new digital players.
"Now that we have the platform and legislation in place, all we need is to find the right partner bank in any European country, and we are in business. We aim at creating the best from both worlds of banking. On one side a whole new way of looking at customers and user experiences, and on the other the regulative quality from the established banks," says founder and CEO, Ken Villum Klausen.