Lunar Way continues its expansion and launches in Norway. This happens only a week after the fintech shared the news that they received €13 million in funding to take on the Nordics.
It was only a week ago that the Nordic fintech Lunar Way shared the news that they had received €13 million in funding to take on the Nordics. Now they are launching in Norway.
“We’re launching in Norway with a multi currency MasterCard Prepaid and the Lunar Way app with it’s overview of spendings and interactive budget. We will also be building a community of users who can test, give feedback and ideas to help us develop the Norwegian version of the Lunar Way app in a way that best suit their needs and lifestyle. Just as we have done in Denmark and Sweden,” says CEO and founder of Lunar Way, Ken Villu Klausen.
He sees a clear place for Lunar Way in the Norwegian market.
“The Norwegian fintech scene is on the rise, but lacks real alternatives to the traditional Norwegian banks. At the same time the media tells stories of young Norwegians struggling to save money, and that many get by with government fundings and help from their parents. Studies also show that many students have a hard time making ends meet and that this affects their quality of life,” Ken Villum Klausen explains and elaborates:
“At the same time, the primary options for young Norwegians - besides traditional banks - is credit cards and consumer loans. We believe that our Prepaid MasterCard - that can’t be overdrawn - our unique budget feature that helps you keep track of your spending real time and the Lunar Way app that makes it easy to get an overview of your money is a very real alternative to the status quo of handling your personal finances in Norway. We believe that we can make a difference for the finances of Norwegians.”
The leading fintech of the Nordics
Unlike fintechs like Revolut and N26 Lunar Way has no ambitions of being a global tech-company. Instead the aim is the Nordic market alone.
“It is Lunar Way’s goal to be the leading fintech of the Nordics. The Nordic economies are some of the strongest in the world and they also have some of the most stable markets. The Danes, Swedes and Norwegians are digitally native, 90% already have a mobile banking solution, and are used to handling their finances online,” Ken Villum Klausen says and continues:
“The Nordics are oddly insular in that the majority of the populations only have one banking relationship and get the majority of their financial products from that one bank. But many are also unsatisfied with their banks - who often offers completely identical banking apps built on old banking systems made by the same providers. So the Nordic people are ready for a change. The challenge is that even though the Nordic countries have many similarities there are big differences in demands for safety and payment infrastructures. That makes it difficult for fintechs from other parts of the world to adjust to the Nordic demands. That’s where Lunar Way comes in. Because we are a Nordic fintech we have an understanding of how to build a product that is both innovative and also meets the demands of each Nordic nation.”