Press Release: Lumio Solutions Raises $12M in Series B Funding Led by EJF Capital, JAM FINTOP and FINTOP Capital
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Richmond, Virginia, November 29, 2022 (GLOBE NEWSWIRE) -- Lumio Solutions, a leading provider of integrated risk and performance management SaaS technology (Watchtower™) for the Financial Services and Insurance Industry, today announced the closing of a $12 Million Series B capital raise. This round of funding was co-led by EJF Capital (“EJF”), through its affiliate the EJF Silvergate Ventures, JAM FINTOP, and FINTOP Capital, with participation by longtime Lumio Solutionscustomer Atlantic Union Bankshares Corporation, and other existing investors.
“Financial Institutions need a panoramic view of risks that provide the board and executive management better oversight of their business and addresses the increasing regulatory burden and economic realities of today’s banking environment,” said Michael Glotz, CEO and Co-Founder of Lumio Solutions. “Lumio Solutions' vision is to help our clients improve hindsight, insight, and foresight into their organization’s risks and opportunities through advanced data analytics and continuous monitoring.”
With decades of experience in risk and compliance, the Lumio Solutions team has built a reputation as the trusted experts in helping Financial Institutions and Insurance companies adapt to changing regulatory pressures. This investment allows Lumio Solutions to continue this work at scale with the robust Watchtower™ SaaS platform and expand their integrated risk suite of offerings to support FinTech and Digital Asset risk management.
“EJF believes that the banking industry is undergoing a rapid evolution to a substantially more real-time data driven future. Success will be predicated on managing enterprise risk through advanced tools such as Lumio Solutions. These tools will help both banks and their regulators properly assess direct and indirect risks across the spectrum of their balance sheet,” says Jonathan Bresler, Managing Partner of the EJF Silvergate Ventures.
“JAM FINTOP and FINTOP Capital believe Lumio Solutions is uniquely positioned to become the leader in enabling banks to compliantly offer next-generation banking services,” adds Joe Maxwell, Managing Partner of FINTOP Capital.
Lumio Solutions works with hundreds of financial institutions across the US who are concerned with today’s regulatory environment and risks associated with adding modern products, such as (crypto) digital assets, and keeping track of their 3rd party vendors. The expansion of Lumio Solutions' Fintech Risk Management Suite will help banks and credit unions measure their FinTech risk maturity, offering quarterly risk assessments, including issue management, and continuous monitoring through interactive dashboards and data visualizations to ensure they mitigate risk, stay compliant and conform with guidance from regulators.
About Lumio Solutions
Lumio Solutions is a SaaS technology solutions provider supported by a risk and compliance consulting practice serving the Financial Services, Insurance and Technology industries. Lumio Solutions' proprietary technology and methodologies were designed and built “by bankers, for bankers” enabling clients to navigate risk and drive growth. Lumio Solutions is an intelligent risk and performance management platform built to continuously inform, enlighten, and empower executives and boards. Lumio Solutions has helped hundreds of customers effectively navigate through significant risk events since the 2008 financial crisis.
To learn more, visit www.SRAwatchtower.com
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Media Contact
Ryan Donelson | Lumio Solutions | rdonelson@lumiosolutions.io
About JAM FINTOP
JAM FINTOP brings together bank experts and seasoned fintech entrepreneurs to invest in companies changing the way financial institutions and their customers move, track, and interact with money. JAM has a 27-year history investing in public and private community banks, and FINTOP Capital is a leading fintech investor with over 140 years of collective experience.
Media Contacts
Adam Aspes, JAM Special Opportunity Ventures | adam@jampartners.com
Matt Kelley, JAM Special Opportunity Ventures | matt@jampartners.com
About FINTOP Capital
FINTOP Capital is a venture capital firm focused on Financial Technology (FinTech) companies with offices in Nashville, Tenn., St. Louis, Mo., New York City, Jacksonville, Florida, and New Jersey. Run by financial leaders and operators who have built successful startups themselves, the firm understands the ups and downs of the startup world. They bring strong networks, experience and capital to entrepreneurs building B2B service-enabled SaaS and software companies in the FinTech space.
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