Nordic FinTech Lunar has selected cloud-native core banking tech Thought Machine to modernize its system and develop new services, the companies announced Tuesday (Jan. 18).
Per the announcement, Lunar’s goal is to “challenge” banks and payments standards in Scandinavia, and Thought Machine offers the flexibility and product configurables that Lunar was seeking.
The partnership will make use of Thought Machine’s core banking engine Vault, and the release notes that Vault’s cloud-native nature will help Lunar benefit from scalability and adaptability.
“To continue scaling our service across the region, investing in the latest and best technology is a top priority for Lunar,” Ken Villum Klausen, CEO and founder of Lunar, said in the announcement. “We searched for a core banking engine that would enable us to deliver on our product roadmap — not dictate it.
“Thought Machine’s core banking platform, Vault, was by far the most flexible technology available in the market. By removing the constraints and unlocking opportunities, Vault will enable us to build targeted products and streamline workflows as we scale.”
Paul Taylor, CEO and founder of Thought Machine, said in the release that the Lunar team is creating the most comprehensive financial power in the region.
“We’re delighted to be part of Lunar’s journey as they have certainly created a winning formula setting them up for success,” Taylor continued.
The report says Thought Machine’s other clients include BankŚląski, Standard Chartered, Lloyds and SEB. Meanwhile, PYMNTS writes that Lunar bought payments platform Paylike last October, helping Lunar customers receive direct eCommerce payments.
Lunar has also debuted a one-step checkout offering from the same acquisition, making online payments easier and quicker.
At the time, Villum Klausen said the acquisition would be good for the company’s goal to go “beyond banking.” Payments, he said, are the top of the list for the next phase of growth.
Paylike said at the time that it processes 100 million euros every year in Europe, and Lunar has over 325,000 customers in its offices in Denmark, Sweden and Norway. Lunar started in 2015 as a personal finance management app. It received a banking license in late 2019 and rolled out a banking platform in April 2020.