8.6 C
New York
Friday, October 22, 2021
Home Challanger banks Lunar challenger bank launches account for teens

Lunar challenger bank launches account for teens

Nordic digital bank Lunar has launched an account and card designed to help teenagers better manage their money.

Lunar has started as a personal finance management tool and it has informed that it has nearly doubled the €26m in Series B funding it announced in August 2019, bringing the total disclosed amount to €46m.

Read also: Danish challenger Lunar teams up with Astralis

This new service will offer a basic version of the current banking app to 15 to 17-year-olds. The teenagers will be able to see their spending review, saving goals and budgets.

Young customers of the bank will still be able to send and receive money completely for free and they will be able to have their own debit cards too.

Peter Smith, CEO of banking at Lunar, said: “Learning to manage your own money as +15 is is a core skill that will benefit you for the rest of your life.” 

“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,” adds Smith.

Every targeting of teens is clearly an effort made to secure a pipeline of lucrative adult customers. So far, Lunar managed to build up its base up to 150,000 users throughout the Nordics.

Lunar Bank got a european banking licence in August 2019 and employs over 120 staff. 

Avatar
Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

Recent posts

N26 has raised $900 million and is worth $9 billion

This way N26 became the second highest-valued bank in Germany, slightly ahead of Commerzbank.

Klarna is strengthening credit checks

Klarna, the “buy now, pay later” credit company, has unveiled important changes to its services in the UK.

Nik Storonsky has opened family office in London

According to Sifted, CEO of Revolut Nik Storonsky has decided to open a family office in London, UK. This...

Curve reported serious operating losses

Fintech Curve has reported an operating loss of £37.9 million in its annual results for 2020.