Lumin Digital has raised $115 million in new capital to further the expansion of its unified digital banking platform into a Compounding Growth Platform for banks and credit unions.
The new capital includes $70 million in new investment from 15 of the company’s clients and $45 million in growth equity financing led by Light Street Capital, Lumin Digital said in a Wednesday (July 15) press release.
Lumin Digital has been expanding the capabilities of its platform to include artificial intelligence (AI), payments, customer relationship management (CRM), lending and other categories, according to the release.
The company’s platform is purpose-built for banks and credit unions and is designed to deliver more users, deeper engagement, stronger retention and expanding revenue, per the release.
Lumin Digital Founder and CEO Jeff Chambers said in the release that in this round, 15 more clients joined those who have already invested in the company, and Light Street doubled down on its existing investment.
“The people who know this company best, our customers and our lead investor, believe in where we’re taking it,” Chambers said. “This capital accelerates Lumin’s platform expansion already underway, and we’re doing it with a cap table built for the long term.”
Light Street Capital Partner Kevin Sullivan said in the release that Lumin Digital fosters strong client relationships and is building “the go-to cloud platform for financial institutions in the age of AI.”
Dave Larson, CEO of Affinity Plus Federal Credit Union, said in the release that “we’ve seen firsthand what the platform does for user growth and digital engagement” and that “investing was a natural extension of a relationship already built on shared outcomes.”
Lumin Digital announced May 14 that in the next phase of its platform strategy, the company would expand beyond digital banking and into CRM, lending, payments and service.
“Digital banking has always been the starting point, not the end state,” Chambers said at the time in a press release. “We founded Lumin with the vision of building a lasting company with a platform that evolves to meet the needs of the future and create more value over time.”
A day earlier, on May 13, Lumin Digital unveiled an AI-native intelligence layer that is embedded directly within the platform, operates across the entire system and continuously improves platform performance.
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