Lune, a leading Emirati Financial Data Analytics Company, officially concluded the seed funding round by securing $1.5 million to fuel its expansion in the MENA region and solidify its position as a leader in data-driven financial solutions. 

Lune, a United Arab Emirates-based financial data analytics company has secured an amount of $1.5 million in a Seed funding round, led by Dubai Future District Fund (DFDF), with participation from Plus Venture Capital, Reach International, and Judah Ventures. Other family offices and angel investors accompanied the round.

Lune, the data analytical company was founded by Helal Tariq Lootah and Alexandre Soued in 2020. The data analytics firm enables bank institutions, financial companies, and fintech to turn the transaction data of their customers into useful insights for them. The funding will propel Lune’s regional expansion and product development. Previously, the firm had raised $850,000 in a pre-Seed round led by the same capital ventures firm, DFDF, with the participation from Flat6Labs, and an undisclosed group of angel investors. 

Emirati fintech startup, a data analytics company, Lune has raised $1.5 million in a seed round spearheaded by Dubai Future District Fund (DFDF), Plus Venture, Reach International, and Judah Ventures. The firm released an official statement last week. The round was also joined by a few family offices and angel investors. Founded in 2020 by Helal Tariq Lootah and Alexandre Soued, Lune enables banks, fintech, and financial institutions to turn the transaction data of their customers into useful insights for them. 

It offers its plug-and-play solutions through an API, allowing its clients to improve the user experience of their financial products. The enrichment of customers’ transaction data solution by Lune automatically sorts and organises transactions of customers into categories and sub-categories, identifies the brand name, and adds the logo of the brand, to make to data easier to navigate for users. 

To give a reference, the best one would be a neo-bank that uses Lune by plugging solutions into their company app through an API. The customers of their neo bank would see the app automatically categorise, sub-categorise, and add brand logos to each transaction. From non-visual data with no categorisation, it is turned into visual data with every transaction getting categorised. 

The fintech platform allows its clients to add money management tools to their app, enabling their customers to track their spending, and budgets, and set financial goals. 

Apart from these customer-facing tools, the company also offers financial institutions to learn useful information and patterns by breaking down their customer data into insights. The gained insights can be referred to as track credit risk analysis and trend forecasting.  

According to an official press release made by Lune, the startup currently serves clients in the United Arab Emirates, Saudi Arabia, and Bahrain. It is now planning to expand its offerings to Oman, Qatar, Kuwait, and Egypt. An additional statement stated, “An upcoming partnership with a major GCC payments company is poised to significantly amplify Lune’s reach and impact within the region,” without sharing specific details about the partnership. 

Co-founder and Co-CEO of Lune, Helal Tariq Lootah 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.”

Meanwhile, the Managing Director for Investments at Dubai Future District Fund, Amer Fatayer 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.”