US-based cloud-based digital banking provider Lumin Digital has raised $160m in growth equity financing to support its growth initiatives.

The funding was led by Light Street Capital, NewView Capital, and Partners Group.

Commenting on the funding, Light Street Capital partner Kevin Sullivan said: “Lumin Digital’s innovative platform, exceptional leadership, and commitment to delivering outstanding value to clients and their members are redefining the digital banking experience and have set the company apart as a true industry leader.”

This capital injection is aimed at expediting its growth initiatives, including enhancing innovation and delivering enhanced services for financial institutions and their members.

Velera, a US-based payments credit union service, remains the primary investor inLumin Digital.

Founded in 2016, Lumin Digital offers a cloud-native platform designed to meet the evolving needs of retail and business banking users.

The company reported a revenue growth rate of over 60% in the past year.

Lumin Digital CEO Jeff Chambers said: “This is a powerful endorsement of Lumin Digital’s impact on the industry and enables us to expand our product offerings while preserving our culture of delivering exceptional value to our clients and their members.

“We are grateful for the support of our investors who share our vision and commitment to transforming the digital banking experience.”

Last month, a US-based member-owned financial cooperative Riverfront Federal Credit Union selected Lumin Digital’s banking platform to enhance the overall banking experience for its members by offering frequent service upgrades, increased security, and improved convenience.