The two fintechs have just launched their new partnership. Here Subaio’s subscription management feature will give challenger bank Lunar’s customers control of their subscriptions.
Sometimes one plus one equals 25. This is the case in the new collaboration between the two fintechs Subaio and Lunar. Subaio develops a white label subscription management software while Lunar is a challenger bank. The two companies just released a partnership, where Lunar’s Danish customers can take control of their subscriptions by managing and unsubscribing from subscriptions that they don’t want. Directly in the Lunar app.
“Our goal is to make sure that our users get more out of their money in our app. We can see that subscriptions are being consumed more and more. That is why we want to give our users better control of their subscriptions and making sure that they can manage them from one app,” says Joachim Stroejer, Chief Product Officer at Lunar.
Over the past five years, the entire subscription economy has risen 100% every year according to a report from consulting firm McKinsey. Lunar and Subaio thus expect to build even more products together in the future. The next ones are already in the pipeline.
First fintech-fintech partnership
This is the first time that Subaio has partnered with another fintech company and it has been a different experience than the integration with traditional banks.
“We are proud to launch with Lunar. It is an extremely customer-focused bank that operates as a modern software company. The integration has happened very quickly. It’s been really fun,” says Thomas Laursen, CEO of Subaio and continues:
“Subaio and Lunar are both innovative companies that work fast. This partnership will certainly come up with some innovative solutions – the next ones will come soon.”
Younger target groups have more subscriptions
Data from Subaio shows that the average consumer has eight subscriptions. Younger demographics typically have more than older ones. Lunar’s users are younger than those of traditional banks, which indicates that this type of service is even more relevant for this group. Lunar thus has over 150,000 users with an average age of 29 years.
“We know that young people generally have more subscriptions than older ones. This goes for both streaming services and fitness subscriptions. We look forward to giving this group a better overview of their finances,” says Thomas Laursen.
Many are surprised
Managing subscriptions becomes part of Lunar Premium, which is the new bank’s own subscription that includes benefits such as travel insurance, no extra fees for card use abroad and multiple accounts.
“Many people are surprised when they get the overall overview of the subscriptions that they have collected. It is a good opportunity to take a status on whether you get the anticipated value, or whether you have things that drain the account without noticing it,” says Joachim Stroejer from Lunar.