Lumi scores support from big bank

Group also announces extension of maximum loan terms and amounts

Lumi scores support from big bank



An alternative lender has announced it has secured a warehouse facility from NAB and Alexander Funds Management (AFM).

With the support of the organisations, Lumi aims to complete its $20m equity raise, which it announced late last year.

According to Yanir Yakutiel, founder and CEO of Lumi, the funding will help the fintech continue growing its loan book.

"This year, Lumi has grown significantly having launched a new line of credit product, and by participating in the coronavirus SME Guarantee Scheme as we evolve to meet the changing demands of our customers," he said.

"With this in mind, the time is right for us to scale up operations and we have successfully raised a new warehouse facility with NAB and AFM."

Lumi, which was launched in August 2018, provides SMEs with fast access to working capital, offering unsecured business loans from as little as $5,000.

The group boasts a fast approval process, with loan applications taking only 24 hours before getting approved.

Further, Lumi will be extending its maximum loan terms from two to five years and the maximum loan amount up to $500,000.

"Our priority now moves to scaling our small business loans so that we can support even more Australian SMEs with greater flexibility through the end of 2020 and beyond," Yakutiel said.

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