One of Cincinnati’s fastest-growing fintechs has named its latest pair of investors as it looks to expand its reach in North America.
Luma Financial Technologies, which is building an independent, multi-issuer structured products and annuities platform, confirmed Wednesday new funding from Toronto-based TD Bank Group and Canadian Imperial Bank of Commerce, or CIBC.
The startup, in a filing with the Securities and Exchange Commission in December, disclosed it had sold more than $30 million as part of a planned $75 million fund. The firm declined to comment or to name investors at the time; federal regulations do prohibit publicity when companies are actively raising.
In a release, Luma said the funding and relationships with TD Bank Group and CIBC will allow it to expand into the Canadian market, extending the fintech’s reach.
Luma is building a platform for financial professionals to manage and transact structured products and annuities in the industry. The company has experienced massive growth dating back to 2020.
TD Bank Group, a division of Toronto-Dominion Bank (NYSE: TD; TSXV: TD), has $1.8 trillion in assets as of Jan. 31, with more than 15 million active online and mobile customers. CIBC, founded in 1867, has 11 million customers and 45,000 employees with $837.7 billion in total assets.
“We’re delighted two of the most prominent banks in Canada have recognized the value our platform is bringing to the entire alternative investments industry,” Tim Bonacci, president and CEO of Luma, said in a release. “Luma has experience in working with the largest multinational banks in the world to provide financial professionals with the necessary tools to confidently transact in the alternative space.”
Luma’s open architecture platform makes it easier for investment advisers to access and compare, select, customize, price and track structured products and annuities, from the initial design stage through ongoing lifecycle support, with a wide array of alternative solutions tailored to address specific client goals and risk profiles.
Luma, which launched in 2011 as a spinoff of Navian Capital, is one of the largest and longest-tenured structured product platforms in the U.S. market. Its customers include broker/dealer firms, registered investment adviser offices and private banks.
Last year, Luma received job-creation tax credits from the city of Cincinnati to expand at its current downtown location in U.S. Bank Tower, at 425 Walnut St.
Besides its headquarters, Luma also has offices in New York, Miami and Zurich, Switzerland.
