Lumi prevented $400K in fraud and unlocked $45K+ in cost savings

pointsbet-logo

About Lumi

Lumi set a new standard for fast, secure business lending.

Australian business lender Lumi has built its reputation on delivering fast, flexible funding to SMEs that need capital to move quickly. Since launching in 2018, Lumi has provided over $1.5 billion in funding to more than 15,000 Australian businesses, helping founders seize opportunities without the friction of traditional banking.

Lumi logo
-$0
potential fraud losses
in 90 days
$0
operational cost savings
annually
0st
in business lending
to introduce biometric verification
 
 
"FrankieOne gave us a simple, flexible platform to orchestrate complex KYC and KYB checks at scale, allowing us to reduce operational friction and lead the market in fraud prevention."

The Challenge

As Lumi grew, its KYC and KYB processes became increasingly fragmented.

Integration
Fragmentation at the core
As Lumi grew, KYC and KYB checks were spread across multiple providers. Customer and business data lived in disconnected systems, making it harder to see the full risk picture end to end.
Icons (5)
Manual processes

Manual data entry was the backbone of onboarding. Checks frequently failed due to formatting issues rather than genuine risk, leading to reattempts, rework, and rising operational costs.

Icons (4)
Limited visibility & scalability

With no unified view of customer risk, teams relied heavily on manual reviews to maintain control. 

Icons-1
Focus on fraud prevention
At the same time, Lumi identified the need to introduce biometric verification to strengthen fraud prevention — a capability not yet adopted in the business lending space.
Group 36991 (1)

The FrankieOne Solution

FrankieOne stood out during Lumi’s evaluation for one key reason: orchestration.

Instead of locking Lumi into one provider or brittle workflows, FrankieOne provided a unified platform capable of managing KYC, KYB, and biometrics through a single integration, with built-in resilience to handle provider failure without manual intervention.

Key Capabilities Delivered

From manual checks to exception management

By automating primary KYC and KYB checks, Lumi shifted from manual data validation to exception-based reviews. Operations teams now focus on genuine risk and high-value cases.

Measurable gains across risk and efficiency

Within the first 90 days, Lumi identified and prevented approximately $400,000 in potential fraud losses. Fewer failed checks and reattempts delivered $45,000+ in annual operational savings, creating measurable impact across both risk and cost.

Stronger controls, no added friction

Fraud prevention was strengthened without compromising user experience. Clear communication and intuitive onboarding flows facilitated strong adoption among brokers and customers, even as controls increased.

Bringing a market-first capability to life

FrankieOne enabled Lumi to introduce biometric verification – a first in its lending category. A phased rollout allowed teams to learn quickly, iterate confidently, and bring a new capability to market with minimal disruption.

Product agility at scale

Configurable workflows give Lumi the flexibility to adjust rules, manage different onboarding paths, and respond quickly to emerging risk – while keeping compliance and fraud controls aligned with growth.

Driving the future of business lending

By unifying KYC and KYB, introducing biometric verification, and automating risk workflows, Lumi has built a foundation designed for sustainable growth. With stronger controls embedded directly into onboarding, the business is well positioned to adapt to evolving risk, support higher volumes, and continue raising expectations for secure, customer-centric business lending.

Ready to scale without friction?