Lumin Digital, a cloud-native digital banking provider, announced it has raised over $160M in growth equity financing, led by Light Street Capital, NewView Capital, and Partners Group, acting “on behalf of its clients.”
Lumin Digital plans to leverage the funding to accelerate its growth initiatives, focusing on driving value for financial institutions, their members, and shareholders.
This investment underscores the transformative power of digital banking platforms to modernize the industry and deliver “always-on, customer-centric experiences.”
Kevin Sullivan, Partner at Light Street Capital said:
“Lumin Digital’s innovative platform, … leadership, and commitment to delivering … value to clients and their members are redefining the digital banking experience and have set the company apart as a true industry leader.”
Ankit Sud, Partner at NewView Capital said:
“Lumin Digital’s impressive traction and impactful approach to digital banking have positioned it as a true leader in the financial services industry.”
Velera, the nation’s payments credit union service organization (CUSO) and an integrated financial tech solutions provider, “remains Lumin Digital’s primary investor.”
Founded in 2016, Lumin has continued to experience growth — exceeding its annual financial goals while improving “gross margin, operating efficiencies, and net retention.”
Over the past year, Lumin achieved a revenue growth “rate of over 60%.”
FT Partners served as the exclusive strategic and financial advisor to Lumin Digital on this transaction.
Lumin Digital is the digital banking solution powering growth for financial institutions across the US.
Combining data, and speed, Lumin’s platform was born in the cloud to stay ahead of the evolving “expectations of retail and business banking users.”
With Lumin Digital’s unique approach, their scale at their own pace, optimize digital banking ROI, and create “a strong digital relationship with their customers.”
Light Street Capital is a global investment firm focused on identifying and investing in disruptive technology businesses across both public and private markets.
Headquartered in Palo Alto, Light Street is utilizing its deep network of technology executives and venture capitalists “to study emerging trends, identify growth companies, and partner with exceptional management teams who are building the next generation of enduring technology businesses.”
Light Street manages capital across several public fund strategies in addition to its concentrated dedicated private growth investing business.
Light Street’s private investments include companies such as Chime, Gitlab, Pinterest, Scale AI, Slack, SmartHR, Toast, Uber and Unity, among others.