Nordic fintech Lunar has selected Thought Machine - the same cloud native core banking technology used by JP Morgan - to modernise its core systems and develop new services across the region.
Having hit unicorn status with its €210million Series D in July 2021, Lunar is seeking to challenge the banking and payments status quo across the Nordics. Lunar chose to harness Thought Machine’s next-generation core banking engine, Vault, thanks to its flexibility and product configurability.
In a press release on the announcement, Ken Villum Klausen, chief executive officer and founder of Lunar, stated: “To continue scaling our service across the region, investing in the latest and best technology is a top priority for Lunar. We searched for a core banking engine that would enable us to deliver on our product roadmap - not dictate it.”
“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.”
Vault is cloud native and is built on microservices, ensuring that Lunar will benefit from scalability and adaptability that go beyond the capabilities of their existing core banking platform.
Since the announcement in September 2021 that JPMorgan would use Thought Machine’s technology to replace its core banking system in the US, the technology provider completed a $200 million Series C funding round which pushed it into the unicorn club. In addition to JP Morgan and Lunar, Thought Machine currently counts Bank Śląski, Standard Chartered, Lloyds, and SEB among its clients.
On the Lunar deal, Paul Taylor, chief executive officer and founder of Thought Machine, commented: “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. We’re delighted to be part of Lunar’s journey as they have certainly created a winning formula setting them up for success.”