Luma Monetary Applied sciences, a supplier of structured merchandise and insurance coverage options based mostly in Cincinnati, Ohio, has introduced the completion of a US$63 million Sequence C funding spherical.
The funding was led by Sixth Road Progress, the expansion investing division of worldwide funding agency Sixth Road. Present buyers Financial institution of America, Morgan Stanley, UBS, and TD Financial institution Group additionally took half within the spherical.
The extra funding will assist Luma’s plans to develop its presence in key markets, make investments additional in product improvement, and strengthen its international shopper service capabilities.
The corporate acknowledged that the brand new capital will assist maintain its present development whereas sustaining the strategic path that has formed its progress to this point.
As a part of the funding, Alex Goodman, Principal at Sixth Road Progress, will be part of Luma’s Board of Administrators.
“This funding is a testomony to the boldness our companions have within the worth Luma brings to the market and the power of the muse now we have constructed,”
mentioned Tim Bonacci, Chief Government Officer of Luma Monetary Applied sciences.
“We’ve got skilled vital development by staying targeted on delivering worth to our shoppers, and this new capital will speed up that trajectory by deepening our presence in key markets and persevering with to innovate, all whereas staying true to the rules which have pushed our success.”
With demand for different investments persevering with to rise, Luma goals to assist companies in adapting to market shifts by improved entry, system integration, and adviser targeted options.
Broadhaven acted as Luma’s adviser for the transaction.
Featured picture credit score: edited from freepik
