- Lumin Digital secures over $160M in growth equity financing led by Light Street Capital, NewView Capital, and Partners Group.
- The company reports a 60% revenue growth and serves over 50 clients with a user base of five million.
What happened: Digital banking platform Lumin Digital raises over $160M
Cloud-native digital banking platform Lumin Digital has secured over $160 million in growth equity financing. The funding round was led by Light Street Capital, NewView Capital, and Partners Group. Founded in 2016, Lumin Digital now serves over 50 clients and has a user base of five million. The company reported a revenue growth rate exceeding 60% in the past year.
Jeff Chambers, CEO of Lumin Digital, commented, “This is a powerful endorsement of Lumin Digital’s impact on the industry and enables us to expand our product offerings while maintaining our culture of delivering exceptional value to clients and their members.”
Velera, a credit union service organisation, remains Lumin Digital’s primary investor. Chuck Fagan, CEO of Velera and chairman of Lumin Digital’s board, added, “From the very beginning, Velera’s board and management have embraced and invested in Lumin Digital’s vision for revolutionising the digital banking industry.”
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Why it is important
The $160 million raised by Lumin Digital is a significant milestone, highlighting the growing confidence in cloud-native banking solutions. This funding will help the company expand its product offerings, strengthening its position in the digital banking sector. Lumin Digital’s 60% revenue growth demonstrates its successful business model and strong market demand.
With over 50 clients and five million users, the company is well on its way to becoming a key player in the financial technology space. The backing from prominent investors like Light Street Capital, NewView Capital, and Partners Group further validates its potential.
Additionally, Velera, the credit union service organisation, continues to support Lumin Digital’s vision for revolutionising digital banking. CEO Chuck Fagan’s endorsement reflects the long-term commitment to innovation and growth, signalling a bright future for Lumin Digital and its clients. This funding round marks a crucial step in driving industry change and expanding digital banking capabilities.
