A regulated and independent licensed bank, Lunar recently closed one of Denmark’s largest funding rounds and has selected Thought Machine, the cloud-native core banking technology firm, to modernise its core systems and develop new services as it expands.
With more than 400,000 users across Denmark, Sweden, and Norway that use them to manage their finances smarter, the Nordic fintech company will use Thought Machine’s next-generation core banking engine, Vault, to power its all-in-one financial services offering in the Nordic region.
Lunar will deploy Vault to expand its offering, develop new products and enter into new markets.
Investing in the latest technology and growing the company
Vault was selected for its industry-leading flexibility and product configurability. Vault is cloud-native and built on microservices to ensure Lunar will benefit from scalability and adaptability that go far beyond the capabilities of their existing core banking platform.
Lunar is building the ‘go-to app’ for banking, payments, and investments for consumers and SMEs in the Nordic region. This investment in their technology stack will further fortify Lunar’s position as a leading next-generation Nordic fintech company, after raising €210m in Series D last year.
Ken Villum Klausen, chief executive officer and founder of Lunar, says: “To continue scaling our service across the region, investing in the latest and best technology is a top priority for Lunar. 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.”
Moving from legacy systems to the cloud
The two companies share a passion for modern, cloud-based technology driven by a vision for the future of banking. Thought Machine was founded in 2014 with a mission to enable banks to deploy modern systems and move away from the legacy IT platforms that ‘plague’ the banking industry.
Currently a team of more than 500 people spread across offices in London, Singapore, Sydney, Melbourne, New York, Thought Machine has raised more than £110m in funding from Eurazeo, Draper Esprit, SEB, British Patient Capital, IQ Capital, Playfair Capital, Nyca Partners, Lloyds Banking Group and Backed.
Paul Taylor, chief executive officer and founder of Thought Machine, says: “The Lunar team has a clear, ambitious vision for the future of banking – they will combine open, modern banking architecture with a sophisticated user experience to create the region’s most comprehensive financial powerhouse. We’re delighted to be part of Lunar’s journey as they have certainly created a winning formula setting them up for success.”
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