Emirati Data Company Lune Technologies Secures $1.5 Million Seed Funding

(MENAFN- Edelman) Dubai, UAE – 09 May 2024 – Lune, a leading Emirati financial Data Analytics company, has successfully concluded a seed funding round of $1.5 million. This investment will fuel further expansion of Lune's MENA operations and solidify their position as a leader in data-driven financial solutions.

Building upon its impressive growth trajectory since its pre-seed round in 2022, the funding will be strategically directed towards the development of Lune's innovative product suite. This enhanced suite will empower Lune's client base to deliver exceptional customer experiences, enhance operational efficiency, and gain a competitive edge.
The funding round has successfully attracted key investors, including Dubai Future District Fund (DFDF), Plus Venture Capital, Reach International, Judah Ventures, and a renowned group of family offices and angel investors. They join Lune's well-established network of supporters, which includes incubators and accelerators such as Hub71, Flat6Labs, Mohammad Bin Rashid Innovation Fund (MBRIF), the Authority of Social Contribution - Ma’an, and DIFC FinTech Hive. These organizations provided Lune with valuable guidance and support during its earlier stages.

Lune's success reflects a growing market demand for transaction enrichment and data analytics solutions, particularly within the neobanking sector and increasingly among traditional banks. While neobanks are known for their digital-first approach, reliant on accurate and insightful data to personalize offerings, mitigate fraud, and optimize customer journeys, traditional banks are also undergoing a digital transformation. Lune is helping bridge the gap by providing them with the tools they need to compete in this new landscape.

Lune's regional success, exemplified by its emergence as a preferred provider of analytical data in the UAE and Saudi Arabia, underscores its value proposition. Additionally, the company boasts strong traction across the UAE, KSA, and Bahrain, with strategic expansion planned for Oman, Qatar, Kuwait, and Egypt. Furthermore, an upcoming partnership with a major GCC payments company is poised to significantly amplify Lune's reach and impact within the region.

"We are thrilled to have secured this investment," said Helal Tariq Lootah, Co-CEO and Co-Founder of Lune. "This funding will propel our regional expansion, product development, and mission to revolutionize 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. Lune's recognition as a Future 100 company and its 2023 ‘Best Technology Solution for Banking’ award from Entrepreneur Middle East further solidifies its position as a disruptive force within the financial technology landscape."

Amer Fatayer, Managing Director – Investment Team at Dubai Future District Fund commented: “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 personalized 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.”

Lune prioritizes data security by adhering to stringent industry regulations. This includes compliance with ISO 27001 and the GDPR, Additionally, the company offers a sustainability feature that aims to empower clients by providing carbon footprint estimates for each transaction. By enabling banks to demonstrate their commitment to environmental responsibility, Lune fosters collaboration with customers towards building a more sustainable financial future.

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