Danish challenger bank Lunar launches simplified trading platform for beginners

via AltFi

Less than two weeks ago, Danish digital bank Lunar added €20m to an already successful Series B funding round, bringing its current total raised to €46m.

The challenger has today announced the launch of an ‘easy-to-use’ trading platform aimed at fledgeling investors.

The platform has been built by fellow Danish bank Saxo and will allow users to trade both international and Danish stocks and shares.

Ken Villum Klausen, founder and CEO of Lunar, said: “We’ve broadened our selection of stocks, both international – so you can buy Amazon, Tesla, Square and the like – and you can buy a large number of Nordic stocks.”

“Our job is to slice out the features that would make a solution too complex for first-time investors. Building that simple experience caters to a segment that maybe Saxo didn’t in the past,” he added.

Since receiving its full European banking licence in August 2019 customers are already able to invest in over 300 of the most traded stocks in Europe and the US, but the launching of this new platform targets people who don’t have much experience in investment. 

Lunar could be trying to ride the wave of app-based investment platforms as trading apps have seen a spike in downloads, with Trading 212 being App Annie’s breakout finance app of March 2020.

It’s not just trading apps seeing a boom, average weekly downloads of finance apps jumped 20 per cent on March last year.

Lunar claims to have over 150,000 customers and employs 120 staff across Scandinavia.