SME lender Lumi rules off Series 3 round; attracts offshore investor
Small business lender Lumi has welcomed a new strategic investor as it seeks to grow the business and institutionalise its register, Street Talk understands.
Israel’s largest insurance company, Harel Insurance Investments & Financial Services, came in as part of the lender’s Series C funding round last week, tipping in around two-thirds of the $15 million raised.
Lumi founder and chief executive Yanir Yakutiel said he was happy to continue raising institutional money,
The remainder was supported by the company’s existing investors, known to be Melbourne-based Josh Liberman Investment Group and the private investment arm of Perennial.
The fintech added $20 million to its warchest in December 2021 Series B round to support its growing operations. Its lending platform enables loan applications to be written within five minutes via an online application, and businesses receive funds within 24 hours.
It also secured a $40 million warehouse facility from National Australia Bank and Melbourne-based money manager Alexander Funds Management in February 2021 to drive loan growth.
Founder and chief executive Yanir Yakutiel declined to disclose the new valuation but said it had increased from the previous round and sat above $100 million.
“The strategy is to broaden the register even more, bringing on a business that has a balance sheet that can support our balance sheet going forward,” Mr Yakutiel told Street Talk.
“[The funding] positions us to continue increasing the size of the business and the profitability.”
Asked if he was considering an ASX listing, Mr Yakutiel said he was happy to continue raising institutional money, adding “fintech businesses in Australia have tended to list prematurely”.
“This funding helps us remain
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