Just over a year after first launching its business accounts, half of all newly started businesses in Denmark opened a Lunar account.
With its latest acquisition, Danish challenger bank Lunar has taken one small step for payments and one giant leap for business banking.
The digital bank has acquired payment gateway Paylike to launch its own one-step checkout solution for its business customers.
Paylike, which Lunar acquired for an undisclosed amount, handles more than €100m of transactions every year and will help the bank to bolster its current business banking offering.
“When we founded Paylike in 2015, we were on a mission to make it simpler and faster for businesses to receive payments,” Lars Bo Thomsen, COO and co-founder of Paylike, said.
“Back then, setting up a payment solution could take weeks. We launched a modern alternative that only took minutes. Now we are taking a big step forward by offering payments directly to the business banking account. That’s fintech at its best.”
According to the digital bank, 50 per cent of new businesses in Denmark sign up for an account with Lunar, and its new checkout solution will undoubtedly attract even more small businesses.
“Building a two-sided marketplace for payments connecting consumers and businesses will make life easier for everyone. Payments will be at the forefront of our next growth phase.”
As it stands, Lunar now serves more than 350,000 customers—both for consumer and business banking—across the Nordics.
The digital bank is planning to use the cash to expand throughout the Nordics and scout potential M&A opportunities, just like Paylike.
Through the acquisition, the Nordic challenger hopes to grow its consumer loan offering and expand its operations in Sweden and beyond.