Lumin Digital bags $160m in growth equity
Digital banking solutions provider Lumin Digital has raised $160 million in equity financing to “accelerate its strategic growth initiatives”.
Lumin Digital raises $160m
The round was led by Light Street Capital, NewView Capital and Partners Group, with Velera, a payments credit union service organisation (CUSO) formerly known as PSCU, remaining Lumin’s primary investor.
In 2021, Velera made a five-year, $54 million commitment to Lumin, which brought its total investment in the company to around $125 million.
Accrued amid year-on-year revenue growth of over 60%, Jeff Chambers, CEO of Lumin, says in a statement that the fresh equity will be used to “expand out product offerings”.
Founded in 2016, Lumin’s cloud-native digital banking solution provides real-time insights into spending and account activity, along with support for a range of payment features, such as card controls, automatic bill payments, and remote deposits.
The latest advancements to the company’s platform include the October integration of ID Dataweb’s identity security and protection solutions, followed by a partnership with financial data integration fintech UpSwot, which was acquired by Uptiq.AI this week.
Additionally, US-based Consumers Credit Union (CCU) selected the solution in September to enhance its members’ digital banking experience and provide “enhanced credit card management”.
