Lune, a pioneering data analytics startup, announced on Thursday that it has successfully raised $1.5 million in a seed funding round. The investment was led by the Dubai Future District Fund (DFDF) with participation from Plus Venture Capital, Reach International, Judah Ventures, several family offices, and angel investors.
Founded in 2020 by Helal Tariq Lootah and Alexandre Soued, Lune provides cutting-edge solutions that enable banks, fintech companies, and financial institutions to transform their customers’ transaction data into actionable insights. By offering a plug-and-play API, Lune allows its clients to enhance the user experience of their financial products significantly.
Lune’s innovative transaction data enrichment solution automatically categorises customer transactions into various categories and sub-categories, identifies brand names, and incorporates brand logos, thereby making the data more navigable and user-friendly. For instance, a neobank integrating Lune’s solution into their app will see customer transactions visually categorised and branded, enhancing the overall user experience.
Beyond these customer-facing features, Lune also empowers financial institutions with valuable insights derived from customer data. These insights are instrumental in credit risk analysis and trend forecasting, providing a competitive edge in data-driven decision-making.
Currently serving clients in the United Arab Emirates, Saudi Arabia, and Bahrain, Lune plans to extend its services to Oman, Qatar, Kuwait, and Egypt. The startup hinted at an imminent partnership with a major GCC payments company, which is expected to significantly bolster Lune’s regional influence.
Helal Tariq Lootah, co-founder and co-CEO of Lune, expressed enthusiasm about the recent funding round, stating, “We are thrilled to have secured this investment. This funding will propel our regional expansion, product development, and mission to revolutionise the financial services landscape. We are committed to providing our clients with the most advanced and secure data-driven solutions while promoting a sustainable financial future.”
Amer Fatayer, Managing Director for Investments at Dubai Future District Fund, praised Lune’s progress, saying, “Since our initial investment in Lune’s pre-seed round, we have been highly impressed by the team’s execution. Lune’s solution enables traditional banks and fintechs to make data-driven decisions and enhance personalised engagement with their end users. Having won marquee customers across the GCC with a proven value proposition, Lune is well-positioned to be the regional leader in financial data infrastructure.”
Lune previously raised $850,000 in a pre-seed round in 2022, backed by the Dubai Future District Fund (DFDF) and Flat6Labs. With this new influx of capital, Lune is set to continue its trajectory of innovation and growth within the financial technology sector.