Financial advice startup Lumiant, has extended its $1.17 million seed capital raise through equity crowdfunding site Equitise and is now looking to raise a further $2 million.
The fintech it’s seeking the additional capital amid high demand for its services to investing in its ability to scale and increase distribution across Australia.
Lumiant is a cloud-based advice platform designed to build better advice outcomes for financial advisers and their clients.
CEO Santiago Burridge launched Lumiant in February 2021 and already more than 1,000 households are now on the platform.
“When I founded Lumiant, I wanted to change the industry so that it delivers on the promise of advice,” he said.
“Building Australia’s first mass-personalised scaled advice platform to allow advisers to control their client experience. An experience that brings to life the rich conversations they have with their clients. Where clients can log on and see how they are tracking against their life ambitions, through our fully integrated whole of life digital platform.”
Burridge, a former financial adviser, said he’s pleased but not surprised by how quickly the business is growing.
“For too long, the industry has focused on product and meaningless benchmarks. But these don’t offer real value to people’s lives. What we care about are the life outcomes that our advisers help us to achieve, and this is exactly what Lumiant helps them to do,” he said.
“I understand the pressures Advisers face. For too long, they have been the punching bag in an environment where they had little control. Lumiant frees them from regulatory and product constraints. Each module has been carefully mapped against the FASEA code of ethics, as well as ensuring Advisers can easily adhere to Know Your Customer and Best Interest Duty requirements by letting the customer scope their advice.”
Equitise co-founder Jonny Wilkinson said Lumiant is addressing a significant issue in the financial advice industry.
“Its business is growing at a rapid rate and it makes sense to raise further capital to meet the demand and capture market share to become the leader in client-centric software supported advice,” he said.
With just under a week to go in the raise, Lumiant has so far attracted an additional $630,000 in funding at $1.05 a share, beating the minimum round target. The extended seed round will value the business at between $11.4 million and $12.9 million depending on the size of the raise.
The round is due close on June 22. Details on the Equitise campaign are available here