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Lumin Digital

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Overview

Lumin Digital, founded in 2016 and headquartered in San Ramon, California, is a fintech company specializing in cloud-native digital banking solutions. The company primarily serves credit unions and other financial institutions, offering a platform that enables personalized experiences for their members. Key features of Lumin Digital's platform include:

  • Card controls for credit and debit cards
  • Personalized dashboard designs
  • Integrated bill pay and deposit capture
  • Security Center for managing settings and devices
  • Flexible microservices architecture
  • Advanced analytics and predictive tools The platform's cloud-native architecture ensures scalability, flexibility, and reliability, with a 99.999% uptime and 24/7 accessibility. In December 2024, Lumin Digital secured over $160 million in growth equity financing, led by Light Street Capital, NewView Capital, and Partners Group. This funding aims to accelerate the company's growth initiatives and innovation. Lumin Digital has experienced significant growth, increasing its client base by nearly 25% and users under contract by nearly 33% in the past year. Clients have seen substantial benefits, including:
  • Asset growth 2X the U.S. and competitor average
  • Market share growth 8X the U.S. average
  • Reduced operational costs
  • 77% market-leading adoption rate
  • High user satisfaction (4.85/5 app rating) The company is known for its strong culture and high employee engagement, boasting a 99% employee engagement rate, Great Place To Work Certification®, and less than 4% voluntary turnover. Velera, the nation's premier payments credit union service organization (CUSO), remains Lumin Digital's primary investor, with additional investments from Light Street Capital, NewView Capital, and Partners Group. Overall, Lumin Digital is redefining the digital banking industry with its innovative platform, strong client relationships, and commitment to delivering exceptional value to financial institutions and their members.

Leadership Team

Lumin Digital's leadership team comprises experienced professionals in digital banking and SaaS, focusing on innovation, client growth, and a people-centric culture. Key members include: Chief Executive Officer:

  • Jeff Chambers: Founder and CEO, leading the company's strategic direction and growth Chief Revenue Officer:
  • Colin Brennan: Recently joined, bringing over 25 years of B2B SaaS experience in sales, customer management, and product management Chief Marketing Officer:
  • Kelley Michalik: Seasoned B2B SaaS marketing leader with expertise in brand marketing, product marketing, demand generation, and go-to-market strategies Chief Talent Officer:
  • Lisa Sutton: Over two decades of HR leadership experience, responsible for leading Lumin's HR functions and sustaining a high-performance culture Other Key Executives:
  • Adam Binaut: Chief Legal Officer
  • Lisa Daniels, Melinda Davis, Kevin Gorlick, Sean McElroy, David Serduke, and Sean Weadock: Members of the leadership team Board of Directors:
  • Chuck Fagan
  • Sean Rathjen
  • Jeff Chambers
  • Amy Sink
  • Ankit Sud
  • Kevin Sullivan This diverse and experienced leadership team drives Lumin Digital's growth and innovation in the digital banking sector.

History

Lumin Digital's journey in the digital banking solutions industry is marked by significant milestones and innovative approaches: 2016: Founded by financial technology experts, including Jeff Chambers, with the aim of bringing cloud-native software and improved user experiences to the banking and credit union sectors. April 2018: Lumin Digital's formation announced at PSCU's annual Member Forum. PSCU, a leading provider of financial technology and services, is Lumin Digital's parent company. 2019: Began partnering with credit unions, including Heritage Family Credit Union, which signed a multi-year agreement for digital banking services. Platform Development: Launched a cloud-based, future-ready digital banking platform offering:

  • 99.999% uptime
  • 24/7 accessibility
  • Integrated banking and payments capabilities
  • Continuous innovation with weekly updates
  • 100% on-time launches and SLA compliance Recent Growth:
  • Increased client base by nearly 25%
  • Users under contract grew by nearly 33%
  • Secured over $160 million in growth equity financing Client Impact: Demonstrated significant improvements for clients, such as Heritage Family Credit Union, which saw increased user engagement, effective user targeting, and reduced operational costs. Company Culture: Established a strong culture with high employee engagement, evidenced by:
  • 99% employee engagement rate
  • Great Place To Work Certification®
  • Less than 4% voluntary turnover Lumin Digital has quickly established itself as a leader in the fintech industry by providing innovative, user-centric digital banking solutions and fostering strong partnerships with financial institutions.

Products & Solutions

Lumin Digital offers a comprehensive suite of digital banking solutions designed to enhance the experience for financial institutions and their customers. Their offerings include:

Platform Architecture

  • 100% cloud-native platform with true microservices and single-tenant hosting
  • Ensures scalability, reliability, and security
  • Allows for weekly feature updates without downtime, maintaining 99.999% uptime

Core Modules

  1. Retail Banking: Seamless digital banking experience for individual customers
  2. Commercial Banking: Mobile-first solutions for business customers
  3. Digital Account Opening: Secure, instant account creation for new and existing customers

Additional Solutions

  • User Engagement: Gamification and next-best-action sequences to drive adoption and conversion
  • Admin & Support Portal: Streamlined workflow management tools
  • Digital Marketing: Advanced campaign management and targeting capabilities
  • Risk Management: Robust tools for security and fraud prevention

Integration and Extensibility

  • Integration with over 200 third-party solutions via Partner Ecosystem
  • SDK capabilities and APIs for enhanced agility and competitiveness

Enhanced Business Solutions

  • Partnership with upSWOT for advanced business credit solutions
  • Business Dashboards with tools like Business Credit Score and Cash Flow Forecasting

Key Features

  • Omni-channel application ensuring consistent user experiences across devices
  • High scalability and reliability through cloud-native architecture Lumin Digital's solutions are tailored to drive innovation, efficiency, and customer engagement in the digital banking sector while maintaining robust security and scalability.

Core Technology

Lumin Digital's core technology is built on several key principles that make it a robust and innovative digital banking solution:

Cloud-Native Platform

  • Designed and built entirely in the cloud
  • Offers greater reliability, efficiency, and scalability
  • No need for downtime or retrofits during updates

Microservices Architecture

  • Utilizes true microservices for independent feature deployment
  • Enables frequent and reliable updates without service disruption

Single-Tenant Hosting

  • Dedicated software instances and customer databases for each client
  • Enhances security and reduces downtime

Scalability and Reliability

  • Leverages cloud services for high availability
  • Boasts 99.999% uptime
  • Allows for weekly feature updates without business interruptions

Extensibility

  • Offers SDK and APIs for integration with over 200 third-party solutions
  • Partner Ecosystem includes companies like BioCatch, SavvyMoney, Atomic, and Glia

Omni-Channel Application

  • Single-page application providing consistent user experience across all devices

Security

  • Strong security measures including dedicated single-tenant hosting
  • Robust tools for risk management and fraud prevention
  • Integrated multi-factor authentication and advanced card controls

Continuous Deployment

  • Weekly rollout of new features and updates without downtime
  • Helps financial institutions stay ahead of user needs Lumin Digital's core technology focuses on innovation, scalability, reliability, and security, making it a powerful tool for financial institutions aiming to enhance their digital banking capabilities.

Industry Peers

Lumin Digital operates in the competitive fintech and digital banking sectors. Here are some notable industry peers and competitors:

Direct Competitors

  1. D3 Banking (Omaha, NE)
    • Founded: 2007
    • Industry: Banking, Financial Services, and Insurance
  2. Alkami Technology
    • Offers digital banking solutions
  3. Mahalo Banking
    • Specializes in digital banking solutions for credit unions
  4. Yobota
    • Provides a cloud-based operating platform for financial institutions

Fintech and Payment Solutions Providers

  1. nCino (Wilmington, NC)
    • Founded: 2011
    • Focus: Fintech software
  2. Fiserv
    • Offers payment and financial services technology solutions
  3. Stripe
    • Primarily known for payment processing
  4. BillGO
    • Specializes in bill management and payments

Niche Competitors

  1. Blip Labs Technologies
    • Offers bill management services through APIs and SDKs
  2. Doxo
    • Focuses on bill payments within financial services
  3. Finovera
    • Provides digital bill management and payment solutions for banks and credit unions
  4. Quanto
    • Develops an open banking platform for customized financial services
  5. Hyperledger
    • Known for blockchain technology in fintech These companies compete with Lumin Digital in various aspects of digital banking, financial technology, and payment solutions, each bringing unique strengths to the market.

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