Luma Financial Technologies, a platform for structured products and annuities, has raised $63 million in Series C financing led by Sixth Street Growth and joined by a host of existing Wall Street backers.
Existing strategic investors, Bank of America, Morgan Stanley, UBS, and TD Bank Group all participated in the round.
Luma's software platform is used by broker/dealer firms, RIA offices, and private banks around the world. It provides institutional and retail investors with a customisable, independent, buy-side technology platform that helps financial teams learn about, research, purchase, and manage alternative investments as well as annuities.
Users get education resources and training materials; the creation and pricing of custom structured products; electronic order entry; and post-trade management.
The funding will be used for expansion across key markets, to deepen Luma's investment in product innovation, and further boost global client support capabilities.
Tim Bonacci, CEO, Luma, says: "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."