Australia's Lumi secures another AUD 10 mln

The small-business lender has now raised AUD 30 million in the past two months, with the additional funds to be used to grow Lumi’s services and technology platform. Lumi CEO Yanir Yakutiel believes the outlook for Australia, coming out of lockdowns, is strong while the potential growth in sectors such as CBD hospitality is faster than the business had previously forecast.

Lumi’s technology is built to process loan applications within hours to provide small business loans, between AUD 5,000 and AUD 500,000, with three- to 36-month terms to small and medium-sized enterprises (SME).

Expanding into WA and new offices planned for Sydney, Brisbane, and Melbourne, the business intends to double its existing headcount of 65 people over the next 12 months. Lumi raised AUD 20 million in December 2021 to improve its capital structure, having recently doubled its funding facilities, which also saw Perennial Partners enter as strategic investors.