Lumos Technologies, Inc. has secured a multimillion-dollar investment to advance its data analytics solutions for small business credit risk. By providing financial institutions with innovative tools for lending efficiency and risk management, Lumos increases small businesses’ access to capital. With this new funding, Lumos will expand market presence and accelerate product development.
WILMINGTON, N.C., July 17, 2024 /PRNewswire-PRWeb/ — Lumos Technologies, Inc. (“Lumos”), an industry-disrupting data analytics company with a focus on small business credit risk, is excited to announce the completion of a multimillion-dollar seed funding round.
“The access to information has altered the landscape of small business lending,” said Chip Mahan, a serial entrepreneur and veteran in both the banking and technology industries. “Lumos has identified and captured a market opportunity for data insights and credit risk modeling with cutting-edge technology. I couldn’t be more excited to participate in this seed funding round for Lumos.”
With a mission to increase small businesses’ access to capital, Lumos provides products and services to financial institutions that improve lending efficiency and portfolio risk management while minimizing risk with predictive credit performance models.
“In a consumer-focused environment, financial institutions often lack access to products devoted to small business lending. Lumos is changing this,” said Brett Caines, co-founder and CEO of Lumos. “The market response to our small business origination and credit risk products has been overwhelmingly positive and receptive. This capital injection will further allow Lumos to deliver products and fulfill our mission to better support small businesses’ access to capital.”
The infusion of fresh seed capital brings additional strategic shareholders to the Lumos team, allows Lumos to expand its market presence, and will accelerate the evolution and development of its products.
“Our pre-seed funding by Summit Technology Group in 2022 made possible the development of our flagship product, Lumos Prime+ for credit risk scoring, the expansion of our extraordinarily talented pool of Lumineers and the onboarding over 80 financial institutions over the past two years,” said Youri Nelson, co-founder and CTO of Lumos. “This new capital injection allows us to build upon that base and further live our mission.”
“The goal of our products, services, and investments at STG is to help financial institutions execute progressive technology strategies,” said Ben Wallace, CEO of Summit Technology Group. “Lumos has performed remarkably in that regard as the team has deployed and scaled across each of the clients leveraging our Lenders Cooperative LOS platform providing them with the small business credit risk analytics necessary to decision more effectively and profitably. We are excited to see their continued growth with this new funding.”
About Lumos Technologies, Inc.
Lumos is an innovative small business 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 http://www.lumosdata.com.