SME lender Lumi closes $15 million capital raise

SME Lender Lumi To accelerate the growth of the company, it has successfully completed a round of funding of $15 million. As part of the capital raise, Harrell Insurance & Finance Group (Harrell) has joined as the latest investor, which is Harrell’s first Australian investment.

other existing Lumi Investors including Josh Lieberman Investment Group, Arbel, Perennial and Stellan Capital also participated in the capital raise alongside Harrell. According to Lumi, this capital investment will be strategic for the company’s growth and expansion.

Founded in 2018 by Yanir Yakutiel (pictured), Lumi provides business loans and lines of credit ranging from $5,000 to $500,000 on flexible terms to Australian SMEs. The company is known for its quick loan application process, with successful applications completed within two hours, and maximum loan terms of 48 months.

Lumi uses its proprietary technology to provide SMEs with a fast and simple way to access working and growth capital.

The capital raise will enable Lumi to continue expanding its balance sheet and product offering to better support Australian SMEs. Lumi broker is committed to the distribution model, and the volume of business generated through brokers is expected to increase. The increased capital will also allow Lumi to offer a wider range of products to brokers, enabling them to serve their clients more broadly.

Overall, the capital raise and Harrell’s investment position Lumi to further expand its services and continue to support small to medium-sized enterprises across Australia.