SAN RAMON, Calif. – December 2, 2024 – Lumin Digital has raised over $160 million in growth equity financing, the company reported.
The financing was led by Light Street Capital, NewView Capital, and Partners Group, acting on behalf of its clients, Lumin Digital said.
Lumin Digital said it plans to leverage the funding to accelerate its strategic growth initiatives, focusing on innovation and driving greater value for financial institutions, their members, and shareholders.
"This is a powerful endorsement of Lumin Digital’s impact on the industry and enables us to expand our product offerings while preserving our culture of delivering exceptional value to our clients and their members," said Jeff Chambers, CEO of Lumin Digital. "We are grateful for the support of our investors who share our vision and commitment to transforming the digital banking experience."
“Lumin Digital’s innovative platform, exceptional leadership, and commitment to delivering outstanding value to clients and their members are redefining the digital banking experience and have set the company apart as a true industry leader,” said Kevin Sullivan, partner at Light Street Capital. “We are excited to support Lumin Digital’s growth.”
Velera Primary Investor
Velera remains Lumin Digital’s primary investor, Lumin Digital noted.
“From the very beginning, Velera’s board and management have embraced and invested in Lumin Digital’s vision for revolutionizing the digital banking industry,” said Chuck Fagan, CEO of Velera and chairman of Lumin Digital’s board of directors. “That investment has exceeded expectations, and we are proud to welcome new growth partners.”
Founded in 2016, Lumin has exceeded its annual financial goals while improving gross margin, operating efficiencies and net retention, the company said. Over the past year, Lumin achieved a revenue growth rate of over 60%.
FT Partners served as the strategic and financial advisor to Lumin Digital on this transaction.