Danish challenger bank Lunar Way has selected Nets to deliver all its payment services.
The bank is available in Denmark, Sweden, and Norway, offering services such as multi-currency cards, insurance, loans, and payments, among others.
The partnership will offer improved payment services for private and business users as well as electronic signature services and card fraud management.
Nets is a managed services and software business which helps merchants, corporates and banks with their payment needs. Its services include instant payments, direct debit transactions, open banking access, POS terminals, digital and physical, card processing, transaction management, anti-fraud, and digitalisation tools.
Nets was recently acquired by Mastercard in a deal worth $3.9bn. Mastercard acquired the company to enhance its access to end-user solutions such as bill payment, open banking, and services like data analytics and fraud protection. The deal also supports Mastercard’s services in the Nordic region.
Lunar Way CEO Peter Smith said, “Nets is a leader in the payments space, both in Denmark and abroad. Together, we will look at the development of new, innovative payment solutions that fit our users’ lifestyles and needs. We look forward to offering users the stability that Nets is known for and utilising Nets’ expertise in fraud monitoring and prevention as we build our new bank.â€
Last month, Lunar Way bagged €26m in a funding round led by SEED Capital to support the growth of the platform. At the same time as closing the round, the FinTech received its European banking licence from the Danish Financial Supervisory Authority.
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