Lunar launches new offer for children

Danish Fintech launched in 2019, Lunar proposed originally a banking application to the Millenials. Relying primarily on a mobile app, it has been working for several years to diversify its offer by focusing on opening its customer target. After Professionals, which it has served since 2022, it is today for children and adolescents that the neo-bank makes an affinity offer.

FACTS

• Lunar's new affinity offer was named Lunar Youth. As its name indicates, it is addressed to the youngest aged 7 to 17.

• The offer is based on a bank application for children and adolescents, including an account attached to their parents' account.

• Lunar Youth presents itself as a fun solution (a module allows you to customize your card or application), secure and intuitive. To help young people acquire good financial digital management habits, Lunar Youth also offers several services:
  • a Visa payment card,
  • Apple and Google Pay (for those over 13),
  • digital services presented as intelligent in order to obtain an overview of its expenditures, real-time analyses, a solution to categorize its expenditures or a budgeting tool (planned by the end of March).

• The use of the app by children is carried out under the supervision of their parents, since Lunar Youth is only accessible to children of adult clients of Lunar Plus and Lunar Unlimited pay offers. This link allows Lunar to offer the parents of its future young clients parental control services such as the modulation of spending limits, a transaction monitoring tool or the possibility of introducing expenditure restrictions by category.

ISSUES

• To impose as an alternative in its own right The launch of Lunar Youth represents a new stage for the neo-bank which aims to position itself as a fully-fledged alternative financial player in the Nordic countries. By offering an offer to the younger generation, it aims to diversify its clientele but also to ensure its renewal in the long term. To date, Lunar has identified nearly one million users for its services in the Nordic countries.

• Targeting a potential market : Lunar is planning to conquer many of the more than 2.5 million children and adolescents living in the Nordic region, who represent as many prospects for its new offer.

• Facilitating family exchanges : If Lunar Youth is committed to meeting the financial needs of the youngest, the offer is more broadly directed to the family of its prospects to initiate a financial experience based on exchange and sharing.

PERSPECTIVE

• The launch of this new offer by Lunar comes as the Financial Education Week, supported by the Ministry of Economy and Finance, takes place for the thirteenth year in France between 17 and 21 March. On this occasion, various banking actors chose to mobilize to support this event and strengthen their educational efforts. This is particularly the case of BoursoBank, which propose free webinars to disseminate its educational programme more widely, especially for young people.

• The Lunar initiative today demonstrates, however, that, beyond educational events, financial actors are multiplying affinity initiatives at the global level to raise awareness of financial issues among younger people, but also to meet their specific needs with adapted services.

• ABN AMRO studied recently also the payment habits of young people and stressed the growing need to improve their financial education. In Canada it is the TD Bank that also comes from start an immersive game to help young people develop their skills and financial learning.

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