Wednesday May 22nd, 2024
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Emirati Data Analytics Startup Lune Raises $1.5M in Seed Round

The startup enables banks, fintechs and financial institutions to glean insights from customers’ transaction data.

Startup Scene

Emirati Data Analytics Startup Lune Raises $1.5M in Seed Round

UAE-based data analysis startup Lune has raised $1.5 million in seed funding, with investments from institutions including Dubai Future District Fund (DFDF) and Plus Venture Capital.

Founded in 2020 by Helal Tariq Lootah and Alexandre Soued, Lune provides a platform that enables banks, fintechs, and other financial institutions to glean insights from customers’ transaction data, categorising it by sectors, all the way to specific brands purchased.

The new funding provides the necessary capital for regional expansion, as Lune plans to begin serving clients in Oman, Qatar, Kuwait and Egypt. It already operates in the UAE, Saudi Arabia, and Bahrain.

The startup has previously received backing from DFDF in 2022, as part of a $850,000 pre-seed round. With an exponential surge in the number of fintech companies in the region, companies such as Lune are poised to provide data analytics services that compliment other financial platforms, whether they be neo-banks, blockchain-based cryptocurrency companies, or any other startup in the fintech sector.

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