The Dubai Future District Fund (DFDF), Plus Venture Capital, Reach International, and Judah Ventures contributed $1.5 million to the seed round of funding for the data analytics startup Lune, which made the announcement in a statement. A few family offices and angel investors also joined the round.
Lune, a company founded in 2020 by Helal Tariq Lootah and Alexandre Soued, helps banks, fintechs, and other financial institutions to turn their customers’ transaction data into insightful information. By providing its plug-and-play solutions via an API, it enables its clients to enhance the financial products’ user experience.
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 navigate.
An illustration of this would be a neobank that integrates Lune’s solution via an API into their application. Neobank users would observe that, as seen in the screenshot below, the app would automatically classify, subcategorize, and append brand logos to each transaction. With each transaction being categorized, non-visual data that was previously uncategorized is transformed into visual data.
In order to help their users track their spending, create budgets, and set financial goals, the startup lets its clients integrate money management tools into their apps.
Apart from providing tools for customers, the startup facilitates financial institutions’ acquisition of valuable insights by dissecting their customer data. Trend forecasting and credit risk analysis can both benefit from the insights.
In a statement, Lune stated that the startup presently provides services to customers in Bahrain, Saudi Arabia, and the United Arab Emirates.
It is now planning to expand its offerings to Oman, Qatar, Kuwait, and Egypt, “An upcoming partnership with a major GCC payments company is poised to significantly amplify Lune’s reach and impact within the region,” added the statement without sharing specific details about the partnership.
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.”
