Lunar, the Nordic fintech company which recently closed one of Denmark’s largest funding rounds, has selected Thought Machine, the cloud native core banking technology firm, to modernise its core systems and develop new services as it expands. Lunar will use Thought Machine’s next-generation core banking engine, Vault Core, to power its all-in-one financial services offering in the Nordic region.
This partnership marks an important milestone for Lunar as they challenge the banking and payments status quo in the Nordic region. Lunar will deploy Vault Core to expand its offering, develop new products and enter into new markets.
Vault Core was selected for its industry-leading flexibility and product configurability. The Vault platform 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 will harness Vault Core's Universal Product Engine, which will allow Lunar to migrate existing functionality, workflows and accounts, while also building entirely new products, and manage them all from a single, clear platform.
As Lunar is building a full suite of financial products in the Nordic countries, Vault Core will be critical in allowing Lunar to scale its products across regions and modify them with localised variations, using advanced data analytics to refine the product offering specific to those markets.
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.
The two companies share a passion for modern, cloud-based technology driven by a vision for the future of banking. Banks running with cloud infrastructure across their technology stack, freed from the constraints of legacy technology, will be able to offer customers products that are highly targeted, fully automated, and ultimately more satisfying.
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 Core, was by far the most flexible technology available in the market. By removing the constraints and unlocking opportunities, Vault Core will enable us to build targeted products and streamline workflows as we scale.”
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.”