Nordic challenger bank Lunar has launched a banking app for children aged between 7 and 11 years old.

The bank said that the new platform, which is linked to the accounts of parents, will provide a fun and safe way for children to explore digital money management and help them build financial habits whilst allowing parents to maintain oversight.

The app offers a range of parental controls including spending limits, transaction monitoring, and category restrictions. Lunar said these features ensure that children can explore financial independence within a secure environment whilst ensuring peace of mind for their parents.

Additionally, the app is customisable and allows users to design their own card and themes.
Lunar says that it believes learning about money is best done through hands on experience, adding that banks are “instrumental” in providing an easy and safe digital experience in which to do that.

"Kids today grow up in a world where money is mostly digital—whether it's tap-to-pay, in-app purchases, or subscriptions,” said Ken Villum Klausen, founder and chief executive of Lunar. “Lunar Youth is a natural next step in our journey towards becoming the go-to digital bank for all life stages.

"We believe that schools play a key role in helping kids understand money, but parents are equally important. As a bank, we have a role to play too.”

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