Jun 8, 2020
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European Neobank Offers Banking for Teenagers

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By Marko Vidrih on The Capital

Danish neobank Lunar has launched accounts and cards for teens to help them with cash management.

The app, designed for children from 15 to 17 years old, offers a basic account and a debit card, an overview of expenses, creating financial goals, budget planning tools, instant notifications, free transfers and payments. Teenagers can independently register in the application without the participation of parents. At the same time, the stock trading service, which Lunar launched in April this year in cooperation with another Danish bank Saxo, is unavailable to users of the children’s account.

“The ability to manage your money at the age of 15+ years is the main skill that will be useful throughout life. Our goal is to show that responsible money management and management can be a fun and inspiring process. When our young users turn 18, we are ready to provide them with a full range of our services,” said Peter Smith, CEO at Lunar.

In early April, Lunar attracted 20 million euros to the already successful first round of financing, increasing the total investment to 46 million euros. The bank also said that it plans to increase its customer base, which currently has 150 thousand people.

Author: Marko Vidrih

Featured image credit: Unsplash

European Neobank Offers Banking for Teenagers was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.

Article Categories:
Banking · finance · investing · investment · teenagers

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