Lumin Digital Secures $160 Million in Growth Funding

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Dec 02, 2024, 10:00 ET

Lumin Digital raises capital to further accelerate its business growth and continue the Company's momentum

SAN RAMON, Calif., Dec. 2, 2024 /PRNewswire/ -- Lumin Digital, a leading cloud-native digital banking provider, today 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 strategic growth initiatives, focusing on innovation and driving greater 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.

"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."

"Lumin Digital's impressive traction and impactful approach to digital banking have positioned it as a true leader in the financial services industry," said Ankit Sud, Partner at NewView Capital. "We look forward to partnering with Lumin Digital as the company continues to scale and deliver exceptional value to financial institutions and their members."

"Lumin Digital's cutting-edge, cloud-native platform is transforming how financial institutions engage with their members, setting a new standard for personalized, seamless digital experiences," said Sanjay Ravi, Managing Director at Partners Group.

"We are proud to partner with Lumin as the company continues to drive innovation and revolutionize the industry," added Will Chen, Managing Director at Partners Group.

Velera, the nation's premier payments credit union service organization (CUSO) and an integrated financial technology solutions provider, remains Lumin Digital's primary investor.

"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 continued to experience exceptional and intentional growth — repeatedly exceeding its annual financial goals while consistently improving gross margin, operating efficiencies, and net retention. Over the past year, Lumin achieved a revenue growth rate of over 60%. Lumin's 10-year product and client expansion strategy stays true to its foundational building blocks — great employees, innovative products, exceptional service, and disciplined and predictable growth. With customer centricity at the center of Lumin's core values, the company is dedicated to driving innovation forward for the success of its clients and their members.

FT Partners served as the exclusive strategic and financial advisor to Lumin Digital on this transaction.

About Lumin Digital
Lumin Digital is the leading, future-ready digital banking solution powering remarkable growth for financial institutions across the United States. Combining innovation, data, and speed, Lumin's disruption-proof 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, our clients innovate and scale at their own pace, optimize digital banking ROI, and create a strong digital relationship with their customers. For more information, visit lumindigital.com.

About Light Street Capital
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 sits at the epicenter of innovation, utilizing its deep network of technology executives and venture capitalists to study emerging trends, identify leading 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.

About NewView Capital
NewView Capital (NVC) is a venture firm dedicated to driving long-term value in the growth stage. With $3 billion in assets under management, NVC tailors capital to the needs of high-potential technology companies and partner investors, investing on a primary, secondary, or hybrid basis. The firm complements flexible funding with the operational impact and trusted connections needed to realize scale. NVC's portfolio features category-defining companies in fintech, enterprise software, and consumer technology, including Plaid, Modern Treasury, Human Interest, Forter, Apollo.io, and Scopely.

About Partners Group
Partners Group is one of the largest firms in the global private markets industry, with around 1,800 professionals and approximately USD 150 billion in overall assets under management. The firm has investment programs and custom mandates spanning private equity, private credit, infrastructure, real estate, and royalties. With its heritage in Switzerland and primary presence in the Americas in Colorado, Partners Group is built differently from the rest of the industry. The firm leverages its differentiated culture and its operationally oriented approach to identify attractive investment themes and to transform businesses and assets into market leaders. For more information, please visit www.partnersgroup.com or follow us on LinkedIn.

About Velera
Velera, formerly PSCU/Co-op Solutions, is the nation's premier payments credit union service organization (CUSO) and an integrated financial technology solutions provider. With over four decades of industry experience and a commitment to service excellence and innovation, the company serves more than 4,000 financial institutions throughout North America, operating with velocity to help its clients keep pace with the rapid momentum of change and fuel growth in the new era of financial services. Velera leverages its expertise and resources on behalf of credit unions and their members, offering an end-to-end product portfolio that includes payment processing, fraud and risk management, data and analytics, digital banking, instant payments, strategic consulting, collections, ATM and POS networks, shared branching and 24/7/365 member support via its contact centers.

About FT Partners
Financial Technology Partners' U.S. Investment Banking business is conducted through FTP Securities LLC, a member of FINRA and SIPC. FTP Securities LLC is a FINRA registered broker dealer (www.finra.org) and member of SIPC (www.sipc.org). FTP Securities LLC does not offer or sell securities to, or carry accounts for, retail customers. FTP Securities LLC does not make a market in any security. These registrations and memberships in no way imply that FINRA or SIPC have endorsed any of the entities, products, or services discussed herein.

SOURCE Lumin Digital