Lunar doubles its growth with Swedish savings customers
In June, the digital bank Lunar launched savings accounts with Sweden’s highest savings rate of 1 percent and fee-free stock trading. Deposits have now grown by 100 percent in one month’s time and four times as many share purchases have been made compared to when the service was first rolled out in Denmark. Successes that are in line with Lunar’s ambition to give more people the opportunity to invest and save smartly and easily in one place.
(Translated article from News by Cision, for Swedish article read here)
In recent years, Lunar has moved further and further into the Swedish banking scene and challenged the traditional banks. During the first half of 2021, Lunar has both added savings accounts with Sweden’s best savings rate of 1 percent and the opportunity for simple and safe stock trading, and acquired the fintech company Lendify. The deal, which is now fully completed, means that after the summer, Lunar will also launch savings in consumer loans, so-called “peer-to-peer loans”, directly in the Lunar app.
– Everyone should be able to save money. We experience that forms of saving and getting your finances together are more difficult than it needs to be for ordinary people. With simple grips and through the financial overall picture that the user gets directly in the app, it becomes both easy and safe. We at Lunar know the best ways to save and we want to make it available to more people. With the peer-to-peer loans, we add another dimension where our customers get more savings alternatives with good returns, says Mats Persson Bergius, Sweden manager at Lunar.
During June, Lunar’s users increased by as much as 71 percent and were listed as one of Sweden’s most downloaded apps. After Swish, Lunar has been the second most downloaded app on iOS and has rushed past both Avanza and Nordnet. The largest increase occurs in the age range 50 years and upwards, while the largest user base is still in the age group 20–30 year olds.
– That we are expanding and reaching a broader demographic is great fun. This indicates that the need to understand and get more out of one’s money is widespread at all ages. When it comes to the gender distribution within stock-trading customers, we unfortunately see that only 10 percent are women. Here we need to do more to both reach and involve more people, Mats Persson Bergius continues.
Lunar is looking forward to a strong and expansive autumn.
– Our goal is to establish ourselves as Sweden’s most easy – to – use investment app for those who want a good range of simple services with a good risk-adjusted return at a good price. We have partly set our sights on the customers who currently have Avanza and Nordnet and who do not need such a wide and complex range of services. But who still wants a good return mix in the portfolio, Mats Persson Bergius concludes.
Lunar’s services will make it easier for both existing and new users to save in a smarter way. The investments are made easily and securely in the app, where Lunar’s customers have a clear overview of their entire finances.
(Translated article from News by Cision, for Swedish article read here)