Danish challenger bank Lunar has turned to Thought Machine to enhance its core system, develop new offerings and foray into new markets.
Lunar will use Thought Machine’s core banking engine, called Vault. It is a cloud-native solution built on microservices, which will allow Lunar to scale and adapt.
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The firm will leverage Vault’s universal product engine to migrate existing functionality, workflows, and accounts while developing new offerings and managing all of them from one platform, Though Machine said.
Vault will also allow Lunar to scale its products across the Nordic region and make variations and refine them depending on local needs using data analytics, it added.
The latest partnership is aimed at bolstering Lunar’s position in the Nordic region, where it is working to build the app that offers banking, payments and investments for consumers and SMEs.
Lunar founder and CEO Ken Villum Klausen said: “To continue scaling our service across the region, investing in the latest and best technology is a top priority for Lunar.
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By GlobalData“Thought Machine’s core banking platform, Vault, was by far the most flexible technology available in the market. By removing the constraints and unlocking opportunities, Vault will enable us to build targeted products and streamline workflows as we scale.”
The development follows a $249m (€210m) series D fundraising that was announced in July 2021. Thought Machine founder and CEO Paul Taylor said: “The Lunar team has a clear, ambitious vision for the future of banking – they will combine open, modern banking architecture with a sophisticated user experience to create the region’s most comprehensive financial powerhouse.”
