Nordic challenger bank Lunar has unveiled Moonrise, a new standalone entity dedicated to expanding its Banking-as-a-Service (BaaS) capabilities. This move positions Lunar to capitalize on the rapidly growing European BaaS market, which is projected to reach €100 billion by 2030.
Moonrise: Breaking Barriers in the Nordic Market
Currently processing over 10,000 transactions daily with a €5 billion annual transaction volume run rate, Lunar Banking Services will now operate as Moonrise, simplifying financial connectivity for payment businesses. Through a single API, Moonrise promises seamless operations across Denmark, Norway, and Sweden, making it easier for challenger banks and fintechs to penetrate the traditionally closed Nordic market.
Ken Villum Klausen, CEO of Lunar, explains:
“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.”
Strategic Independence for Growth
The creation of Moonrise allows Lunar to pursue dual objectives:
- Strengthen its retail banking operations as a leading Nordic challenger bank.
- Empower Moonrise to focus solely on enterprise payments, driving faster scaling and independent growth.
Klausen adds:
“By establishing Moonrise as a separate entity, we sharpen our focus on enterprise payments while ensuring that both Moonrise and Lunar’s retail banking arm thrive independently.”
Market Impact and Vision
Moonrise’s launch comes at a critical time as challenger banks and fintechs seek streamlined access to the profitable yet complex Nordic financial ecosystem. This separation positions Lunar to enhance its market presence while helping global fintech players overcome barriers to entry in the region.