Lumin Digital Scores $70M to Expand Platform for Banks and Credit Unions

The funding comes after the company recently raised $45 million in a growth equity round led by Light Street Capital, bringing its total new funding to more than $115 million.

The company will use the new capital to continue developing its digital banking platform, with a focus on AI, payments, CRM, lending, and other new products and features.

Read More:Spectro Cloud Lands $100M to Expand AI Infrastructure Platform

Lumin's client-investor model is based on the idea that financial institutions can achieve better results when they have a stake in the technology they use. By giving clients the opportunity to become investors, Lumin strengthens its long-term partnership with them, an approach it has followed since the company was founded in 2016.

The company has delivered steady growth, exceeded its financial targets, and improved both profitability, and operational efficiency. It has also maintained high customer satisfaction, with a Net Promoter Score (NPS) of 94.

An independent study by 451 Research, part of S&P Global Market Intelligence, found that customers achieved a 145% return on investment over five years, with the investment paying for itself in about 11 months.

"We've built Lumin around a simple idea: the financial institutions that depend on our platform should have a stake in it," said Jeff Chambers, founder and CEO of Lumin Digital. "Fifteen more clients made that commitment in this round, and Light Street doubled down on theirs. Together, that tells us something. The people who know this company best, our customers and our lead investor, believe in where we're taking it.

“Lumin Digital’s commitment to serving banks and credit unions is unwavering, fostering a client relationship that is truly unique among software vendors,” said Kevin Sullivan, Partner at Light Street Capital. We are proud to continue our support of Lumin in partnership with Clients, to build the go-to cloud platform for financial institutions in the era of AI.”

"We are investing in Lumin Digital because we've seen firsthand what the platform does for user growth and digital engagement,” said Dave Larson, Chief Executive Officer, Affinity Plus. This is a company that has earned our trust and investing was a natural extension of a relationship already built on shared outcomes."

About Lumin Digital

Founded in 2016 by Jeff Chambers, Lumin Digital provides a cloud-based digital banking platform for banks and credit unions. Its platform helps financial institutions attract more customers, increase engagement, improve customer retention and grow revenue. Built with cloud-native technology and AI, Lumin's platform is designed to help financial institutions modernize their digital banking services and support long-term growth.

Read More:Brinc Raises $125M in Funding Round led by Motorola Solutions