Lumos Technologies, another financial technology company affiliated with Live Oak Bancshares founder Chip Mahan, says it raised “multimillion” dollars to help build a data analytics company focused on small business credit risk. More details weren’t immediately avaiable.
“Lumos has identified and captured a market opportunity for data insights and credit risk modeling with cutting-edge technology,” Mahan said in a release. “I couldn’t be more excited to participate in this seed funding round for Lumos.”
Lumos says its products help financial institutions improve lending efficiency and manage risk with “predictive credit performance models.”
Early users of Lumos’ services have been “overwhelmingly positive and receptive,” says Brett Caines, co-founder and CEO of Lumos. More capital will help build the business and support clients’ access to capital, he says. Caines is the former CFO at Live Oak Bank, the Wilmington-based digital-oriented lender founded in 2008.
Summit Technology Group of Mechanicsburg, Pennsylvania, invested in Lumos in 2022 and the business has “onboarded” more than 80 financial institutions since then, says Youri Nelson, co-founder and chief technology officer of Summit.
Mahan has also been a key investor in other tech companies, most notably Wilmington-based lending software company nCino, which was started in 2011 and has a market valuation of $3.8 billion.
