Lumin Digital has collected $35m in a new funding round, bringing the total investment to $70m within just 18 months since its formation.
Capital from the round will be used to support new platform capabilities for retail and business banking and an accelerated buildout of delivery infrastructure to support growth. The company is also looking to bolster its sales and marketing efforts.
California-based Lumin Digital is a cloud-based bank designed to help credit unions increase member engagement, boost value and deepen relationships. Lumin is a subsidiary of the credit union PSCU which enables it to access an array of PSCU services including card solutions, data analytics and contact centre support.
The FinTech supplies credit unions with a mobile app-based solution which can be customised to meet member needs, leveraging member data and predictive analytics to personalize experiences. The app supports card controls, integrated bill pay, advanced security, remote deposit capture and more.
Lumin Digital president Jeff Chambers said, “Lumin Digital was launched as the first cloud-native platform in the digital banking space to increase member engagement by providing an optimal experience backed by industry-leading predictive analytics.
“To meet the evolving needs of our credit unions, we must continually invest in new capabilities for both retail and business banking, provide a market-leading fraud and security program, and have the ability to scale quickly. Our continued partnership with PSCU and the additional investment approved by the Board of Directors allows us to accomplish these objectives.”
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