The completion of a round of financing led by TNB Aura through its TNBA Scout program has been announced by LUNA, an Indonesian embedded fintech and vertical software as a service (SaaS) platform for merchants and micro, small, and medium-sized companies (MSMEs).
According to a release from LUNA, in addition to previous backers 1982 Ventures, Century Oak Capital, and Prasetia Dwidharma, Seedstars also contributed to the fundraising.
In order to become the sole SaaS platform a retail merchant requires to run their business, LUNA intends to invest in platform development, expand to new cities in Indonesia, and hire people across all areas.
LUNA is a full-stack operating system that was introduced to the market in late 2019 to help businesses with their operations, payments, accounting, access to financing, supply chain, digital marketing, customer relationship, loyalty programs, human resource (HR), legal, and compliance needs.
With more than 7,000 active merchants signed up to date, LUNA currently serves over 70 Indonesian cities and is expanding more than 20% month over month.
“We see a massive opportunity in vertical SaaS for Indonesian retail merchants,
“Not only is this one of the largest and most important industries in Indonesia, we are best-positioned to help our customers digitize their entire operations, grow their businesses, and enhance their workflows,” said Abdullah Lewis, Chief Executive Officer of LUNA.
“Retail merchants face an incredibly complex and competitive market. Many have not digitized or are using outdated legacy systems that were not built for Indonesian retailers or MSMEs,
“LUNA is the all-in-one system for retail owners to scale their business and provide enhanced customer experiences,” he added.
In accordance with the statement, LUNA offers a full range of retail solutions, such as mobile point-of-sale systems with integrated enterprise resource planning (ERP)/accounting systems (Luna POS), QRIS, debit, and credit card payment enablement (Luna One), financing support for MSMEs (Luna Capital), online web (TokoLuna), and digital supply chain solutions (Luna Mart), as well as legal support, company registration, and patenting.
“With 90 percent of all MSMEs in ASEAN based in Indonesia, we believe there is still a large, untapped market presently facing a lack of access to new technology and capital,
“We believe LUNA’s unique access to MSMEs through its rural bank partnerships along with their POS system software serve as prime data collection points which will enable business owners access to their full suite of product offerings,” said Glen Ramersan, Managing Partner & Head of Indonesia, TNB Aura.
