The round was led by Sixth Street Growth, with significant participation from Bank of America, Morgan Stanley, UBS, and TD Bank Group.

Founded in 2018, Luma offers a buy-side technology platform that empowers financial teams to efficiently research, purchase, and manage alternative investments and annuities. The company is also planning to expand its offerings by providing advisers with access to life insurance in the near 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,” said Tim Bonacci, CEO of Luma Financial Technologies. “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.”

Michael McGinn, Partner at Sixth Street and Co-Head of Sixth Street Growth, also expressed his enthusiasm about the investment. “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,” McGinn stated. “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.”