Small business lender Lumi is on the hunt for $20 million from investors to expand its team and markets over the next year.
Cornerstone backer the Josh Liberman Investment Group will tip in again as the company looks to develop additional product lines and improve its technology platform. The fintech offers unsecured business loans of between $5,000 and $250,000, on terms between three and 18 months, at interest rates north of 16%.
Lumi Founder and CEO Yanir Yakutiel said federal government support for business lending sector had helped technology-enabled lenders too, with his company launching a new line of credit product and taking part in the coronavirus SME Guarantee Scheme.
“Policies such as the government guarantee scheme and the support from the Australian Office of Financial Management have helped immensely to fill the funding gap that was caused by the crisis,” he said.
“Our focus now moves to building upon what makes Lumi so great: our technology and our team. Whilst we came into 2020 lean, we plan on almost doubling our headcount over the next 12 months to make our expansion possible.”
As part of its expansion, veteran Westpac and NAB exec Steve Lambert will join the board and chair of its risk committee.