Dubai’s Lune raises $1.5 million seed to supercharge monetary apps with knowledge enrichment and cash administration instruments 

Dubai-based knowledge analytics startup Lune has raised $1.5 million in a seed spherical from Dubai Future District Fund (DFDF), Plus Enterprise Capital,  Attain Worldwide, and Judah Ventures, it introduced in an announcement on Thursday. The spherical was additionally joined by a couple of household workplaces and angel traders.

Based in 2020 by Helal Tariq Lootah and Alexandre Soued, Lune allows banks, fintechs, and monetary establishments to show the transaction knowledge of their prospects into helpful insights for them. It gives its plug-and-play options by an API, permitting its purchasers to enhance the person expertise of their monetary merchandise.

The transaction knowledge enrichment answer by Lune robotically categorizes transactions of shoppers into classes and sub-categories, identifies the model identify, and provides the emblem of the model, to make the information simpler to navigate for customers.

An instance of this could be a neobank that makes use of Lune by plugging its answer into their app by an API. The purchasers of this neobank would see the app robotically categorize, sub-categorize, and add model logos to every transaction, as proven within the screenshot under. From non-visual knowledge with no categorization, it’s changed into visible knowledge with each transaction getting categorized.

The startup additionally permits its purchasers so as to add cash administration instruments to their app, enabling their prospects to trace their spending, and budgets, and set monetary targets.

Along with these customer-facing instruments, the startup additionally permits monetary establishments to be taught helpful info and patterns by breaking down their buyer knowledge into insights. The insights can be utilized for credit score threat evaluation and pattern forecasting.

In response to an announcement by Lune, the startup at present serves purchasers within the United Arab Emirates, Saudi Arabia, and Bahrain. It’s now planning to develop its choices to Oman, Qatar, Kuwait, and Egypt, “An upcoming partnership with a serious GCC funds firm is poised to considerably amplify Lune’s attain and affect throughout the area,” added the assertion with out sharing particular particulars in regards to the partnership.

Helal Tariq Lootah, co-founder and co-CEO of Lune, mentioned, “”We’re thrilled to have secured this funding. This funding will propel our regional enlargement, product growth, and mission to revolutionize the monetary providers panorama. We’re dedicated to offering our purchasers with probably the most superior and safe data-driven options, whereas concurrently selling a sustainable monetary future.”

Amer Fatayer, the Managing Director for Investments at Dubai Future District Fund, mentioned, “We’re consistently excited to see what Lune can do subsequent. Since our first funding within the firm’s pre-seed spherical, we’ve been extremely impressed by the group’s execution. Lune’s answer is enabling conventional banks and fintechs to make data-driven choices and improve customized engagement with their finish customers. Having received marquee prospects throughout the GCC with a confirmed worth proposition, Lune is well-placed to be the regional chief within the monetary knowledge infrastructure house.”

Lune beforehand raised $850,000 in a pre-seed spherical from Dubai Future District Fund (DFDF) and Flat6Labs in 2022.

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