Nordic challenger bank Lunar launches account for teenagers

Nordic challenger bank Lunar launches accounts and cards for 15-17 year olds, so they can manage their allowances, salary and money on their own account.

Lunar is a Danish challenger bank established in 2015 and on a mission to change banking for the better. Using its neat tools and sleek card, users can save, spend, invest, get loans and insurance under its roof. Plus, in addition to its online banking services, Lunar also has Lunar Business catering for small business, including a complete business solution with integrations for accounting solutions, loans and much more. 

So far, the fintech has more than 150,000 users in the Nordics, offices in Aarhus, Copenhagen, Stockholm and Oslo and has built it team to a comfortable +120 employees. In August 2019 it obtained a banking license and in April this year, during the pandemic lockdown, it raised an 20 million additional Series B funding, bringing the round as a whole to €46 million

With this new feature, the bank shows what it’s been working on during this unusual lockdown period. Now users between 15 and 17 years can sign up for Lunar themselves and get their own card and account that focus on developing their skills and teaching money management. 

The app for younger users also offers a limited set of features like basic account and card, spend overview, saving Goals, budget tools, instant notifications and free transfers and payments. 

“Learning to manage your own money at +15 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,” said Peter Smith, Lunar’s CEO.