Indonesia’s Luna raises fresh round to develop SaaS retail platform

Luna founders Irianto Siah (left) and Abdullah Lewis / Photo credit: Luna

Over the years, Indonesia has prioritized digitalization to fuel economic growth. The country’s high level of internet penetration certainly helps its case. The archipelago houses over 212.9 million internet users as of early this year, according to data and insights platform Data Reportal.

However, Abdullah Lewis, CEO and co-founder of Luna, said that many merchants in Indonesia have yet to go digital and have been using outdated software. This, he said, is where the startup comes in.

Founded in 2019, Luna offers cashier and accounting software for restaurants and cafes, debit and credit card payment facilities, and financing for MSMEs. It also provides digital marketing services and other types of support for businesses.

Now, the SaaS platform has raised new capital to develop its offerings even further, expand to new cities, and make additional hires. The round was led by Singapore’s TNB Aura through its investment vehicle, TNBA Scout, which targets pre-seed and seed companies.

Funding details

• Funding amount: Undisclosed
• Lead investor: TNB Aura
• Other investors: Seedstars, 1982 Ventures, Century Oak Capital, Prasetia Dwidharma
• Stage: Undisclosed

Over the last four years, Luna has grown and now caters to more than 7,000 active merchants across 70 cities in Indonesia. It has also forged partnerships with local banks such as Bank Jawa Barat, CIMB Niaga, and Bank Neo Commerce, as well as online lending firm Koinworks and telecom provider Smartfren.

In February 2022, Luna secured an undisclosed amount of funding from 1982 Ventures as part of the latter’s strategy to increase its investments in Indonesia’s fintech scene.

See also: Exclusive: 1982 Ventures announces investments in 5 Indonesian startups

More details