Lune, a data analytics firm based in Dubai, said in a statement on Thursday that it has raised $1.5 million in a seed round from Judah Ventures, Plus Venture Capital, Reach International, and Dubai Future District Fund. A couple of family offices and angel investors also participated in the round.
Established in 2020 by Helal Tariq Lootah and Alexandre Soued, Lune facilitates the conversion of transaction data from clients into actionable insights for banks, fintechs, and other financial organisations. It enables its clients to enhance the user experience of their financial products by providing its plug-and-play solutions via an API.
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Lune’s transaction data enrichment solution automatically sorts customer transactions into groups and subgroups, finds the brand, and adds the brand’s logo to make the data easier for users to explore.
An illustration of this would be a neobank that integrates Lune’s solution via an API into their application. Neobank users would observe that each transaction is automatically categorised, subcategorized, and has brand logos added to it. With each transaction being classified, non-visual data that was previously uncategorized is transformed into visual data.
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Additionally, the business lets its clients integrate money management features into their apps so that users can monitor their spending, create budgets, and establish financial objectives.
By converting client data into insights, the business not only provides these user-facing products but also enables financial institutions to discover valuable information and trends. Forecasting trends and analysing credit risk are two applications for the findings.
The firm now provides services to customers in Bahrain, Saudi Arabia, and the United Arab Emirates, according to a statement from Lune. It currently intends to extend its services to Egypt, Oman, Qatar, and Kuwait. Without providing any specifics, the statement went on, An upcoming partnership with a major GCC payments company is poised to significantly amplify Lune’s reach and impact within the region.
Helal Tariq Lootah, co-founder and co-CEO of Lune, said, “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 simultaneously promoting a sustainable financial future.”
Amer Fatayer, the Managing Director for Investments at Dubai Future District Fund, said, “We are constantly excited to see what Lune can do next. Since our first investment in the company’s pre-seed round, we have been highly impressed by the team’s execution. Lune’s solution is enabling traditional banks and fintechs to make data-driven decisions and increase personalised engagement with their end users. Having won marquee customers across the GCC with a proven value proposition, Lune is well-placed to be the regional leader in the financial data infrastructure space.”
About Lune
Lune wants to make financial data easier to understand and enable consumers to become financially independent while also assisting companies in offering superior customer service.
