Denmark: Challenger Digital Banks

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Denmark: Challenger Digital Banks

While there is no public information available to exactly determine the top challenger digital banks that offer banking services to businesses in Denmark, it was possible to reliably note that Lunar Way, Hufsy, N26 and Revolut may be of value in assessing the sector. Below is an outline of the research strategies used to better understand why the particular information requested is publicly unavailable, as well as a deep dive into the relevant insights.


  • Website
  • Lunar Way provides banking services for the Snapchat generation which provides banking licenses in partnership with local banks.
  • Lunar Way aims to create a 100% digital experience and avoid small print sections.
  • Lunar Way A/S was founded in 2015 and is headquartered in Denmark.
  • "The vision behind Lunar Way is to create an experience where it is possible to access your finances in a more understandable, transparent and personal way."


  • Website
  • Hufsy is a smart bank account and full-scale financial system for fast-moving companies and freelancers.
  • Hufsy helps to save time and provide all the key business metrics of the company.
  • Hufsy gives all real-time insights and the dashboard that gives all the essentials, for fast and easy decision-making.
  • Hufsy doesn’t need to be the first mover in the neo and challenger bank industry. The neo and challenger bank industry is still in its early stages and customer market share will shift around among new neo and challenger bank players and the incumbent banks.
  • Hufsy is more focused than its competitors to provide a compelling value proposition that works for its clients.
  • Hufsy APS is headquartered in Germany with offices in Denmark.


  • Website
  • N26 Business is the free bank account for freelancers and the self-employed. They can "earn 0.1% cashback on all purchases made, and enjoy free card payments worldwide."
  • "You don’t have to deposit a certain amount or meet earning threshold requirements, so you can open an account even if you’re just starting out."
  • "#client, #office, #bizness… create your own personal hashtags and attach them to your transactions to organize them better."
  • "The N26 online business bank account uses artificial intelligence to automatically categorize your spending. Forget clunky spreadsheets—it’s all there in a clear overview in the app."
  • N26 entered the Denmark market in 2018.
  • N26 is headquartered in Berlin, Germany.


  • Website
  • Revolut operates as a digital challenger bank that has added ApplePay to its growing list of services.
  • In Denmark, Revolut has already amassed roughly 5,000 users, without spending a dime on marketing. Needless to say, Revolut has high expectations for the Danish market and the Nordic region as a whole.
  • Accordingly, Revolut has set an ambitious goal of achieving 50,000-100,000 Danish users at the end of this year with 20% using Revolut as their primary bank account and service.
  • According to the companies' website, Revolut is headquartered in the United Kingdom with an operational office in Denmark.


The research team started the search by looking at the market reports on related to determining the top challenger digital banks specific to Denmark in sources such as GlobeNewswire, PRNewswire, MarketsandMarkets, and Transparency Market Research. Since bona fide key players are usually best covered in such reports, we preferred to check them all but to no avail. Most of the Reports enumerated the information on challenger bank market along with the mention of some key players operating in the global neo and challenger bank markets (e.g., DBS, Simple, Koho Financial, Hello Bank, Fidor Solutions, MyBank, Pockit Limited, Holvi Payment Services, Monzo Bank Limited, Starling Bank, N26 GmbH, Atom Bank, Moven, Jibun Bank Corporation, Timo, Kakao Bank, Tandem Bank Limited, and WeBank), but there was no mention of the Denmark market in specifically.
Next, we started to search for pre-compiled lists of the top challenger banks in Denmark in sources such as and The idea here was to conduct an exhaustive search through such companies that offer services to businesses and find their market penetration data to rank them as the top in Denmark. However, none of the lists provided any names of companies headquartered in Denmark.
We then started to search for information on Lunar Way’s competitors published by leading company databases such as Bloomberg, Hoovers, Crunchbase, CB Insights, and Manta. However, most of the profiles found such as CBInsights and ZoomInfo only provided names of Lunar Way’s European competitors and none of the companies were based in Denmark. We also started searching for leading challenger banks in Europe. The idea here was to find any names of challenger banks based in Denmark. We came across numerous lists published by VentureRadar, Fintech Futures, TechSavvy, and others. After checking all the sources, we could find the list of top challenger banks globally.
From there, the team filtered the two banks that are based in Denmark. However, the lists only mentioned the names of banks such as Hufsy (headquartered in Germany with operations in Denmark) and Lunar Way (headquartered in Denmark) with no reasoning of the particular method used to designate them as 'top.'
Finally, we started to search through all the European companies to find any company that had established operations in Denmark as well. We used credible and relevant sources like FintechNews, Penser, Finextra, TechCrunch, and VentureBeat.
After an exhaustive search through all the sources found earlier, we were able to find two more companies, namely N26 and Revolut, that provided services to business and are operational in Denmark. Thereby, using the above-mentioned strategies, we were able to identify four companies in total (Lunar Way, Hufsy, N26, and Revolut) that provided services to businesses in Denmark. However, no information could be found on the companies’ market penetration in Denmark. This may be due to the unavailability of any existing market study and the companies being relatively new in Denmark. For instance, Lunar Way was only founded in 2015 and N26 entered the Denmark market only in 2018.