Lunar Snags Digital Bank Payments Firm Paylike

0

Danish digital bank Lunar announced on Tuesday (October 19) that it had acquired the Paylike payment platform for an undisclosed amount, according to a report from Fintech Futures, which will allow Lunar’s business customers to receive e-commerce payments directly.

Lunar also rolled out a one-step payment offering in partnership with its acquisition Paylike to continue its quest to make online payments easier and faster for businesses and consumers. Paylike says it processes 100 million euros (over $ 116.4 million) each year across Europe.

Lunar Founder and CEO Ken Villum Klausen said the acquisition of Paylike is the next step in his company’s quest to go “beyond banking,” noting that payments are “at the forefront of our next phase of growth “.

Lunar has more than 325,000 customers in its offices in Denmark, Sweden and Norway. It started as a personal finance management app in 2015 and got its banking license in August 2019, then launched a banking platform in April 2020. The company added premium subscriptions, personal consumer loans, buy now, pay later and business bank accounts.

In April, Lunar acquired the Swedish credit and savings platform Lendify to focus more on consumer credit, then landed 210 million euros (nearly $ 244.5 million) in funding from Series D in July which will be used to continue its expansion.

Related: Lunar explains how BaaS can unlock access to new financial services

Lunar started out as a startup that offered a card app that could be linked to third-party bank accounts, and then grew into a bank, almost going the other way around most financial institutions in the Banking-as-a-Service space ( BaaS) that transform their banks into digital offers.

Obtaining a banking license was not easy, Lunar COO Morten Sønderskov told PYMNTS last year. Obtaining the license took almost two years, he said, but it has enabled the company to bring mobile-oriented financial services to small businesses.

——————————

NEW PYMNTS DATA: DIGITAL BANKING STUDY – THE BATTLE OF BREWING FOR WHERE WE WILL BANK

On: Forty-seven percent of U.S. consumers avoid digital-only banks due to data security concerns, despite considerable interest in these services. In Digital Banking: The Brewing Battle For Where We Will Bank, PYMNTS surveyed over 2,200 consumers to reveal how digital-only banks can boost privacy and security while providing convenient services to meet this unmet demand.

Share.

Leave A Reply