Danish Neobank Rolls Out Spotify-Inspired Features, Raises $4.4M
When it comes to mobile apps, Snap and Facebook pretty much dictate what a millennial-focused app should look and function like these days.
A Danish neobank, called Lunar Way, went through a major redesign recently, in order to replicate the interactive and intuitive nature of Spotify, Snap and the like. “The navigation is quite unique within this sector,” Mark Dissing Bækgaard, head of communications at Lunar Way, told Bank Innovation. “We’ve killed the classic ‘burger-menu-bar,’ so now you can just swipe around the app. The point of the navigation is the point of our mission, and reflects our mindset: moving away from how it’s usually done to try something new and more intuitive.” The neobank, first launched in March, completed its beta in December, and is now available to customers in Denmark, with more European countries to be added soon, Bækgaard said.
By swiping left or right, customers can now see their spending overview, broken down by company. The app highlights the top 5 stores where customers spent most each month, also providing a month-by-month comparison.
Another new feature allows users to create and track spending goals, also through swiping. The “Goals” function is part of the recent redesign, and is aimed to eliminate the need for separate savings accounts, according to the company website.
They [Goals] are like separate little piggy banks that remain within your main account. Simply swipe right and you can create one in an instant. You can customize it with pictures and text, and set yourself targets for each one. Want a trip to the city of love, Paris, or a badass mountain bike, or to host a killer birthday party? Simply create a goal. No savings account necessary.
In mid December, the bank announced a €4.2 million funding round (about $4.4 million), led by Seed Capital of Denmark. The funding will help the bank “keep up the speed of innovation,” as well as expand into new markets, with Sweden coming first this spring, according to Bækgaard.
