Nordic challenger bank Lunar has transitioned its Banking Services division into a new standalone entity named Moonrise.
This is in line with Lunar’s aim to scale its operations and capitalise on the Banking-as-a-Service (BaaS) market in the Nordics and beyond.
Moonrise aims to streamline financial connectivity for payment businesses, offering seamless operations across Denmark, Norway, and Sweden through a unified API.
Lunar Banking Services’ daily transaction processing volume is more than 10,000, with a transaction volume run rate of €5bn($5.3bn) that marks a fivefold growth since June 2024.
Moonrise is built upon Lunar’s established infrastructure.
The platform is designed to enable payments businesses, banks, and fintechs to scale their operations effectively, aiming to foster innovation the financial ecosystem in the Nordics.
Lunar founder and CEO Villum Klausen said: “By taking the first step towards a dedicated focus through a separate entity, we can sharpen our focus on enterprise payments, scale faster, and ensure both Moonrise and our retail banking arm thrive independently. This is about meeting growing market demand from challenger banks and fintechs alike while driving meaningful transformation in the Nordic financial ecosystem.”
He further added: “The Nordic market is extremely profitable yet difficult to access. For decades, it has been dominated by the same players operating in a stale system. Moonrise is here to change that. By breaking down these barriers, we enable international fintechs and banks to access the Nordics.”
Since its inception in 2023, it is said thatLunar’s Banking Services has witnessed interest from international challenger banks and fintechs, leading to alliances with 14 companies, including Saldo Bank, Trustly, TrueLayer, PPRO, and Currencycloud, a company owned by VISA.
“Lunar sets up standalone enterprise payments business Moonrise ” was originally created and published by Electronic Payments International, a GlobalData owned brand.
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