Nordic banking app Lunar Way raises €13M

Europe

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Lunar Way, the Nordic banking app that’s riding new EU regulation to help inject more competition into the region, has raised €13 million in new funding. The round is led by SEED Capital, with participation from Greyhound Capital, Socii Capital and a number of individual investors from the financial services industry.

It also comes shortly after Lunar Way announced it had attained a PISP payments license, meaning that the fintech can offer a more comprehensive banking feature-set, including making payments out of third-party bank accounts on a user’s behalf.

This, says Lunar Way founder Ken Villum Klausen, also paves the way for the startup to crack open the “Nordic clearing system monopoly,” which has traditionally made it difficult for new banking entrants.

“The new payment license grants us the option to instruct underlying banks to do payments, pay bills or even pay in a retail environment from their accounts,” explains Klausen. “So when you sign up, you’re able to connect to an existing bank-account in the sign up flow. And after that control all your finances through our platform.”

In addition, Lunar Way has a PSD2 AISP license, so that it is regulated to “co-own the transaction data,” which Klausen says Lunar Way

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