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.
"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." said Chip Mahan
"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.
Media Contact
Carri Mitchell, Lumos
Technologies, Inc, 1 (910)210-0040, carri.mitchell@lumosdata.com,
lumosdata.com
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SOURCE Lumos Technologies, Inc