Luminar Media Group, Inc. (OTC MARKETS: LRGR), a fintech company focused on providing financial services to Hispanic-owned businesses in the United States, has announced remarkable growth in its Fortun Advance division. The company’s total assets have reached $1,216,491, demonstrating a 21.65% return on investment since its merger with Luminar Media Group on May 26th, 2024.
The impressive growth is evident in several key metrics. From July to August, accounts receivable from active funding clients grew by 98.7%, increasing from $439,191.42 to $872,946.99. New funding volume saw a 50.63% increase, surpassing the August forecast of $350,000 to reach $389,700. Additionally, receivables deposited surged by 147%, from $47,161.98 in July to $116,859.38 in August.
Fortun Advance’s business model has proven to be self-sustaining, with collected fees and commissions of $199,390 covering operational expenses of $185,555.39. This financial efficiency underscores the scalability of the company’s approach to providing capital and financial services to underserved communities.
The company’s impact extends across 25 industries, with 57% of funding directed towards construction, trucking and transportation, and automotive sectors. Fortun Advance has funded businesses in 17 states, with over 78% of the funding concentrated in Florida, indicating significant potential for expansion into other regions.
In a move to strengthen its leadership team, Luminar Media Group has appointed Juan M. Sese as Vice President of Finance for Fortun Advance. Mr. Sese brings over 25 years of experience in finance, having started his career at Morgan Stanley Smith Barney. His expertise in business strategy, private equity, and mergers and acquisitions, particularly in South Florida’s logistics, distribution, and land development sectors, is expected to contribute significantly to the company’s growth trajectory.
Yoel Damas, President of FortunCo, expressed enthusiasm about Mr. Sese’s appointment, stating, ‘Juan’s exceptional ability to gather, analyze, and report data is truly remarkable. We are fortunate to have him not only as an investor but also as a key advisor, providing invaluable guidance to our team.’
Mr. Sese, who holds an MBA in Business and Finance from the University of Miami and has held multiple prestigious financial licenses, commented on his new role: ‘The model is not only profitable but also addresses a critical gap left by major financial institutions, which have often neglected underserved communities in need of capital and financing options. The financial outlook is promising, and we anticipate continued robust growth as we inject additional capital and strategically deploy it throughout the remainder of 2024 and into 2025.’
This news is significant for the fintech industry and underserved business communities, particularly Hispanic-owned enterprises. Fortun Advance’s growth and expansion demonstrate the viability and importance of providing targeted financial services to underrepresented groups. The company’s success could potentially inspire similar initiatives and attract more attention to the financial needs of minority-owned businesses.
As Luminar Media Group continues to expand its reach and impact, it may set new standards for inclusive financial services in the United States. The company’s focus on supporting Hispanic-owned businesses could contribute to economic growth and development in communities that have historically faced barriers to accessing capital and financial services.
Investors and industry observers will likely watch Luminar Media Group’s progress closely, as its performance could indicate broader trends in fintech innovation and financial inclusion. The company’s ability to maintain its growth trajectory and expand into new markets will be crucial factors in its long-term success and potential influence on the financial services landscape.
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