Luma Financial Technologies raises $63 million

Luma Financial Technologies, a platform offering structured products and insurance solutions, has closed a $63 million Series C financing led by Sixth Street Growth, with participation from Bank of America, Morgan Stanley, UBS, and TD Bank Group.

Founded in 2018, Luma offers a buy-side technology platform that helps financial teams more efficiently learn about, research, purchase, and manage alternative investments as well as annuities. The company also plans to give advisers access to life insurance in the future.

“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. 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.” – Tim Bonacci, CEO of Luma Financial Technologies.

“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.” – Michael McGinn, Partner at Sixth Street and Co-Head of Sixth Street Growth.