Lunar decided to offer simplified stock trading service to people who haven’t traded before but might have more time on their hands than usual.
Lunar is a Danish digital bank and less than two weeks ago it added €20m to an already successful Series B funding round, bringing its current total raised to €46m.
This Scandinavian challenger bank obtained a full European banking license in August 2019 and started offering a stock trading service soon after, giving its customers access to 300 European and US companies in which to invest.
This platform has been built by fellow Danish bank Saxo and now will allow users to trade both international and Danish stocks and shares.
Ken Villum Klausen, founder and CEO of Lunar, said: “We’ve broadened our selection of stocks, both international – so you can buy Amazon, Tesla, Square and the like – and you can buy a large number of Nordic stocks.”
“Our job is to slice out the features that would make a solution too complex for first-time investors. Building that simple experience caters to a segment that maybe Saxo didn’t in the past,” he added.
Lunar is seeking to expand investment opportunities. This includes seeking a partner with whom to provide a robo-advisory service.
“We can offer funds and fractional shares using the Saxo rails, but for a robo-adviser we would probably need to work with somebody else”
The COVID-19 crisis would suggest this is not the best time for the beginner investors to try their luck, given the prolonged period of volatility looming ahead, but Villum disagrees.
“I actually think it’s a great time,” Villum says, “mainly because it’s a time when you need to pay a lot of attention given the number of dips and spikes we will probably see.”
To this point, Lunar claims to have over 150,000 customers and employs 120 staff across Scandinavia.