Lumi Business was established to fill a significant gap in the market by offering a tailored business banking solution specifically for small business owners. The platform’s goal is to provide a suite of integrated tools designed to streamline business operations and enhance financial management

The goal of this projects was to to create a digital bank that enables business owners to manage multiple current accounts, streamline receivables, facilitate payments, and handle other critical aspects of their business operations.

• Industry: Financial Technology (FinTech)
• Product: Digital platform for small business banking, including web and mobile applications

• Conducted competitive analysis of current market players to identify opportunities and strategic entry points.
• Partnered with a research agency to interview local SMEs, gaining insights into their pain points with traditional banking systems.
• Defined the scope of the MVP solution based on comprehensive market research findings.
• Created the initial wireframes for the product design, later translated into high-fidelity designs.
• Validated designs with focus groups of SMEs to ensure alignment with user needs.
• Led the go-to-market strategy and launch of the product, including drafting the first press release for tech blogs.
• Developed the initial P&L documents, focusing on revenue generation and user acquisition strategies.

Research Methods

• Conducted market research to understand the specific needs of small business owners, partnering with a research firm to interview SMEs.
• Analyzed competitor offerings to identify market gaps and opportunities.
• Collected user feedback on design prototypes to refine the final product.

Development Process

• Followed an Agile methodology with iterative development and continuous feedback loops.
• Key stages included planning, development, testing, and deployment.
• Utilized tools like Google Analytics and Metabase for data tracking and Whimsical for creating wireframes.

Multi-Account Functionality

• Enabled businesses to create and manage multiple current accounts, catering to various business needs.
• Provided tools for categorizing and tracking financial activities within these accounts.

Payment and Transfer Capabilities

• Integrated multiple payment methods, including bank transfers and digital wallets, to facilitate seamless transactions.
• Implemented real-time transaction monitoring and notifications.
• Allowed users to generate account statements and manage transactions efficiently.
• Included built-in two-factor authentication (2FA) to safeguard user accounts.
• Leveraged third-party tools to verify business credentials before opening accounts.

Compliance and Security:

• Developed the platform in accordance with PSSCD (Payment Services Security and Compliance Directive) regulations to ensure the highest levels of security and compliance within the banking industry.
• This addition emphasizes the platform’s adherence to crucial banking regulations, highlighting the commitment to maintaining secure and compliant financial services for users.

• Onboarded over 2,000 businesses within the first 9 months of launch.
• Processed around $2 million USD in transactions daily.
• Achieved a total platform deposit volume (float) of $15 million USD.

Challenge: Many business owners expressed a need for processing payments via POS terminals, a capability that Lumi Business did not initially offer, making it challenging to onboard certain businesses.

Solution: Partnered with a traditional bank to deploy a white-label card machine, addressing the demand and expanding the platform’s service offerings.