8.6 C
New York
Thursday, June 8, 2023
Home Challanger banks Danish bank Lunar takes on Klarna with BNPL product

Danish bank Lunar takes on Klarna with BNPL product

The Danish challenger bank Lunar has finally launched its ‘Buy Now, Pay Later’ feature, taking on the Swedish BNPL market leader Klarna.

With this new Lunar feature, the customer may split all transactions in installments retroactively or postpone an expense up to 30 days in the Lunar app.

Read also: Exclusive: Interview with Scott Gordon – Founder & CEO at Kard

However, this option will only be available to customers who deposit more than €270 into their account each month.

Ken Villum Klausen, founder and CEO of Lunar says: “The product is built for the customer, not the merchants. You don’t need different providers and we do not prompt the customers to spend more when they buy.”

“We let everyone manage their finances conveniently regardless of what kind of buy, bill or transaction they want to split or defer,” he added.

If the customer feels like postponing a purchase or bill of €270 for up to 60 days, they will be charged €5 for that, with users being able to split transactions collectively worth up to €1,400 a month.

“We have a very clear picture of our customers’ transaction history and that is why we have built a post-purchase credit option that is not limited to shopping, but can be used in all aspects of your financial life,” says Klausen.

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

Recent posts

The Rapid Growth of India’s Neobanking Market: A Digital Revolution

This article explores the factors driving this growth and the future prospects of the neobanking sector in India.

FinTech Giant Stripe Sets Its Sights on the Credit Game

In a surprising move, Stripe, the leading FinTech company known for its robust payment processing platform, has announced its entry into the credit industry.

Responsible Lending in Today’s Economy: A Guide to Sustainable Financial Practices

In this blog post, we will delve into what responsible lending truly means in today's economy and explore its significance in promoting long-term economic stability.

Banks as Facilitators of Everyday Life: A Closer Look at Their Role and Impact

In this blog post, we will delve into the various ways banks serve as facilitators in our daily lives and explore the impact they have on individuals and society as a whole.