Luma Financial Technologies, a FinTech company specialising in structured products and insurance solutions, has secured $63m in a Series C funding round.
The round was led by investment firm Sixth Street Growth, with participation from a number of major financial institutions including Bank of America, Morgan Stanley, UBS and TD Bank Group, according to InsurTech Insights.
Founded in 2018, Luma provides a technology platform designed to support buy-side financial teams in the research, purchase, and management of alternative investments and annuities. Its platform streamlines complex investment workflows and enhances access to financial products for advisers and institutions.
The company plans to use the latest capital injection to expand its reach into new markets and accelerate innovation.
In particular, Luma is set to broaden its offerings by adding life insurance solutions to the platform, reinforcing its goal of becoming a one-stop destination for structured financial products and insurance options.
Luma has experienced strong momentum in recent years as financial advisers and institutions increasingly seek efficient and transparent access to diversified investment products.
The firm says this growth reflects its continued commitment to client-focused innovation.
“This investment is a testament to the confidence our partners have in the value Luma brings to the market and the strength of the foundation we’ve built,” Luma Financial Technologies CEO Tim Bonacci said. “We’ve experienced significant growth by staying focused on delivering value to our clients, and this new capital will accelerate that trajectory by deepening our presence in key markets and continuing to innovate — all while staying true to the principles that have driven our success.”
Sixth Street partner and co-head of Sixth Street Growth Michael McGinn added, “We believe an objective, end-to-end platform, like the one Luma has built, provides a critical piece of infrastructure to support the rapid adoption of new products in the broader wealth management channel. We are excited to partner with Tim and the Luma team to support their vision of broadening the platform’s product offering and expanding its reach globally.”
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