FINTEX Interview with Morten Lund, CEO of Lunar Bank

Lunar Bank, based in Denmark, is redefining digital banking across the Nordics with a mobile-first approach tailored to the needs of millennials and Gen Z. Operating with a full European banking license, Lunar combines slick UX with traditional banking services and fintech innovation, creating a unique proposition in the competitive landscape of neobanks.

We interviewed Morten Lund, CEO of Lunar, to dive into the company’s evolution, strategic positioning, product portfolio, and how Lunar plans to maintain its edge in a crowded market.

Who is Morten Lund?

Morten Lund is a Danish serial entrepreneur and investor with a passion for digital disruption. Before joining Lunar, he was involved in multiple startups across tech and fintech and played a role in the early days of Skype. His leadership focuses on creating user-centric banking solutions that challenge legacy systems and reshape financial behavior in the Nordics.

Interview

What is Lunar and what makes it different from other neobanks?
Lunar is a Nordic digital bank that offers an all-in-one platform for managing personal and business finances. Unlike many neobanks focused on a single niche, Lunar provides banking, lending, investment, and subscription management in one app, licensed and regulated as a full bank.

How does Lunar position itself against local incumbents like Danske Bank or Nordea?
We compete on agility, experience, and focus. Traditional banks in the Nordics are trusted but often slow to innovate. We build what our users need — fast, user-centric tools with no legacy baggage.

How did Lunar obtain its European banking license?
We applied through the Danish FSA. The process was thorough and challenging, but we saw it as necessary to provide more control and value to users. It also allowed us to internalize our payment infrastructure and offer credit products.

What are your key products today?

Personal and business accounts
Instant payments
Subscription management
Buy-now-pay-later (BNPL)
Stock and crypto trading
SME banking tools

How many customers does Lunar currently serve?
As of 2025, we serve over 800,000 customers across Denmark, Sweden, and Norway.

What’s your strategy to increase monetization without sacrificing UX?
We focus on value-added services like investing, credit, and smart tools. Our freemium model works, but premium accounts and financial services drive sustainable revenues.

Is Lunar profitable yet?
We’re not fully profitable, but we’re narrowing the gap significantly. With better margins on credit and growing revenue from trading and subscriptions, we’re in a solid position.

Who do you see as your main competitors in the Nordics?
Neobanks like Revolut and N26 are global competitors. Locally, traditional banks like SEB and Nordea, as well as newer players like Rocker in Sweden, are our direct competition.

How do you compete with global neobanks entering the Nordic market?
Localization. Our users want banking in their language, tied to local tax and legal systems, with regional customer support.

What’s Lunar’s approach to lending and credit risk?
We apply advanced data models to assess creditworthiness. Thanks to open banking, we have access to real-time insights that legacy banks don’t fully utilize.

How does Lunar integrate Open Banking features?
Through PSD2 APIs, users can view and manage accounts across different banks. We go beyond aggregation by offering budgeting, notifications, and savings automation.

What role does crypto play in Lunar’s roadmap?
We allow users to buy and sell crypto in-app, directly linked to their Lunar accounts. It’s designed for retail, not trading — just a safe, simple entry into the space.

What is your approach to compliance and risk management?
With our banking license, we have full AML/KYC obligations. We’ve invested heavily in compliance tech and maintain strong ties with regulators across all markets we operate in.

What are Lunar’s most recent innovations?
We recently launched “Lunar Vault,” a gamified savings experience tied to sustainability. Users save while funding green initiatives — a hit with younger users.

How do you market Lunar to a Gen Z audience?
We focus on TikTok, influencer marketing, and lifestyle content. Our tone is informal but responsible. We emphasize empowerment over finance jargon.

What challenges has Lunar faced scaling in the Nordics?
The regulatory complexity across borders is a big hurdle, even within the EU. Also, each market has entrenched players with strong brand loyalty.

How important is customer support in your digital strategy?
Crucial. We offer 24/7 support in local languages with in-app chat, and we’re testing AI co-pilots for basic banking queries.

Are you planning to expand beyond the Nordics?
Not in the short term. We want to dominate the Nordics first. However, we’re keeping an eye on the Baltics and Netherlands.

What KPIs matter most to you right now?
Customer retention, monthly active users, and ARPU (average revenue per user) are our north stars. We also track Net Promoter Score (NPS) religiously.

What’s next for Lunar in 2025 and beyond?
We’re aiming for profitability by end-2025, rolling out enhanced SME features, and preparing for tokenized assets and real-time FX across borders.

FAQ

Is Lunar Bank safe?
Yes, Lunar is a fully licensed European bank under Danish FSA regulation, offering deposit protection as per EU rules.

Does Lunar charge monthly fees?
There is a free tier and optional premium subscriptions that include additional features like trading, insurance, and cashbacks.

Can foreigners open a Lunar account?
Yes, but you must have a registered residence in Denmark, Sweden, or Norway.

Does Lunar offer SEPA transfers?
Yes, Lunar supports SEPA instant payments, including for businesses.

Company Services

Personal & business accounts
Crypto and stock trading
Subscription tracking
Instant SEPA & mobile payments
Lending & BNPL
Open banking integrations
Sustainability-linked savings
SME banking tools

Competitors

Revolut – Global reach, strong investment features
Rocker – Sweden-based, strong budgeting tools
N26 – EU-wide reach but lacks Nordic localization
Danske Bank, Nordea, SEB – Incumbents with legacy tech

Product Positioning

Lunar targets younger consumers and SMEs in the Nordics who are underserved by traditional banks. Its competitive edge lies in:

Localized offerings with full regulatory coverage
Premium UX and mobile-first features
Integration of crypto and ESG savings
Fast innovation cycle and embedded finance capabilities

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