Lumi, an Australian company specialised in lending to small and medium-sized enterprises (SMEs), has successfully concluded a capital raise of $15m.
This fundraise, aimed at boosting the firm’s growth, saw participation from both new and existing investors, according to a report from Australian FinTech. New to the roster was Harel Insurance and Finance Group (Harel), marking the firm’s maiden investment on Australian shores. Other contributors included the Josh Liberman Investment Group, Arbel, Perennial, and Stellan Capital.
Lumi, a brainchild of Yanir Yakutiel, established in 2018, provides SMEs in Australia with business loans and lines of credit. Ranging from $5,000 to $500,000, these offerings come with flexible terms, quick application processes, and a maximum loan term of 48 months. Lumi’s proprietary technology simplifies access to working and growth capital for SMEs.
The $15m raised will be channelised towards further bolstering Lumi’s balance sheet and enriching its product portfolio. Lumi stays dedicated to the broker distribution model, and expects business originated through brokers to increase. The newly raised capital will also enable Lumi to present brokers with an expanded range of products, thereby augmenting their ability to serve their clients in a more comprehensive manner.
Overall, this capital raise and Harel’s investment uniquely position Lumi to extend its services and continue aiding SMEs throughout Australia.
Keep up with all the latest FinTech news here
Copyright © 2023 FinTech Global