Shortly after opening its new Business accounts, Nordic challenger bank Lunar expands with a Grow tier catering for small companies needing more accounts and tools.
The new Business Grow account is priced at EUR 266 a year and among others includes:
• Three separate national accounts and cards to manage tax, expenses and growth
• Open banking-powered feature that allow businesses to link other business accounts directly in the Lunar app
• Subscription management feature that lets business control business subscriptions directly in the app
• Cyber and travel insurance
Jacob Faber, Lunar’s head of Business said in a comment:
• We have seen a huge interest in our first Business account and listened to the needs of our users. That’s why we are ready to move from solo entrepreneurs to small businesses that need multiple bank accounts and cards and more features to manage all their business finances. Our Business offering will going forward be a very important part of creating a profitable business for Lunar.
Lunar teamed up with Subaio, a Danish subscription manager, for the new Business service. Research from Subaio shows that employees in average have access to 8 subscriptions and that 30% of business subscriptions are not used.
Thomas Laursen, CEO of Subaio, said in a comment:
• Keeping track of subscriptions as a company is a huge issue. We interviewed several companies and they all say the same thing - none of them have an overview of their subscriptions. And the problem is only getting worse.
Lunar has 4000 Business customers in Denmark and more than 170.000 private users across Denmark, Sweden and Norway.
The Nordics has not seen the intense business banking competition known from larger markets. According to the European Commission’s SBA fact sheet there are 1,5 million SME’s across Denmark, Sweden, Norway and Finland.
Lunar’s business account will initially launch in Denmark and thereafter be adapted to all Nordic markets.