Lumos is excited to announce that Live Oak Bank has implemented Lumos Prime+ to fuel Live Oak Express, which offers small business owners fast and efficient financing solutions.
WILMINGTON, N.C., Aug. 7, 2024 /PRNewswire-PRWeb/ — Lumos Technologies, Inc. (“Lumos”), an innovative small business data analytics company with a focus on small business credit risk, is excited to announce that Live Oak Bank (“Live Oak”) has implemented Lumos Prime+ to fuel Live Oak Express.
“It is a great time to apply for a small business loan,” said Mike McGinley, Head of Small Business Banking at Live Oak. “We can originate small dollar loans more efficiently than ever with our home-grown automated processes and utilizing tools like Prime+ from Lumos. It all adds to our ability to better serve small businesses.”
Live Oak Express provides small business owners with quick access to financing for working capital needs, equipment purchases, debt refinance, onboarding new staff, and other non-real estate purposes up to $500,000.
Lumos products and services for financial institutions improve lending efficiency while minimizing risk with predictive credit performance models. Lumos Prime+ leverages three decades of small business performance data with cutting-edge machine learning algorithms to predict expected credit losses for small business loans and lines of credit.
“We are thrilled Live Oak has chosen Lumos Prime+ to streamline its process for Live Oak Express,” said Youri Nelson, co-founder and CTO of Lumos. “Our expected loss predictions for small dollar business lending undergo rigorous validation on the Prime+ model to ensure accurate and stable performance.”
In line with Lumos’ mission to increase small businesses access to capital, Lumos Prime+ enables lenders to approve more loans, manage their risk profile, and get much-needed funding into the hands of small businesses using technology to manage credit risk and scale operating costs.
“Live Oak has proven a financial institution can lend expansively to small businesses while maintaining a very favorable credit risk profile. It is an honor to be a trusted provider to a lender with that type of legacy and reputation,” said Brett Caines, co-founder and CEO of Lumos. “Lumos Prime+ allows lenders to approve more loans, manage their risk profile, and get much-needed funding into the hands of small businesses.”
About Lumos Technologies, Inc.
Lumos is an industry-disrupting data analytics company delivering actionable insights, advisory services, and AI-driven technologies with safety and soundness in mind. Backed by expert financial literacy, Lumos provides financial institutions with standardized and automated metrics, powerful credit decisioning models, and efficient processes with rich, curated data and decades of financial institution literacy at the heart of it all. To learn more about Lumos, visit www.lumosdata.com.