Australian business lender Lumi is on a mission to fuel growth by making finance more accessible for SMEs. Since 2018, Lumi has delivered over $1.5 billion in funding to more than 15,000 Australian businesses, offering fast, flexible loans and lines of credit designed for the real-world pace of growth.
As Lumi scaled, so did the complexity of its KYC (Know Your Customer), KYB (Know Your Business), and fraud controls. Fragmented systems, manual processes, and rising operational costs were beginning to slow the business down.
Within the first 90 days of going live with FrankieOne, Lumi was able to identify and prevent approximately $400,000 in potential fraud losses, while also unlocking $45,000+ in annual operational cost savings.
Before working with FrankieOne, Lumi’s KYC and KYB processes were spread across multiple providers. While this approach technically worked, it created significant operational friction:
Manual reviews were the backbone of the process. Even incremental reductions in manual checking were considered a win.
At the same time, Lumi’s Chief Risk Officer had a clear strategic goal: introduce biometrics to strengthen fraud prevention. At the time, biometric verification was unheard of in the business lending space but Lumi knew it would be critical for long-term risk management and trust.
Over time, it became clear that Lumi’s existing approach wasn’t sustainable.
Each failed check triggered reattempts, additional costs, and more operational effort - without improving risk outcomes. Incremental fixes only treated symptoms, not the underlying issue: a fragmented onboarding architecture heavily reliant on manual work.
Lumi needed to redesign its KYC and KYB workflows from the ground up, with automation, resilience, and scale built in.
FrankieOne stood out during Lumi’s evaluation for several reasons:
Rather than solving a single use case, FrankieOne gave Lumi confidence that its onboarding and fraud controls could scale without breaking.
Rolling out FrankieOne introduced brand‑new capabilities for Lumi, including biometric verification. Naturally, this came with unknowns.
From a product perspective, the implementation involved:
Despite initial uncertainty especially around how brokers would respond to biometrics, the public launch exceeded expectations. Adoption was strong, and the rollout felt like a true partnership rather than a vendor handover.
Lumi took a deliberate, phased approach to rollout.
While early weeks involved iteration and learning, by month three, all deals were flowing through the new onboarding process, and internal teams were fully aligned.
That’s when the value became clear - operationally, commercially, and from a fraud prevention standpoint.
Since implementing FrankieOne, Lumi has seen tangible results:
These outcomes reinforced that the uplift wasn’t just theoretical, it delivered real financial impact.
One of the biggest internal changes was cultural.
Previously, operations teams spent their time manually validating every character of customer data. With FrankieOne:
Crucially, Lumi has decoupled growth from headcount, enabling higher volumes without linear increases in operational staff.
Introducing biometrics raised valid concerns, particularly from brokers unfamiliar with this level of verification in business lending.
To address this, Lumi focused heavily on:
That feedback led to iterative improvements, including expanding the range of acceptable documents - a change brokers particularly valued.
The result was a more streamlined onboarding experience, stronger fraud protection, and increased broker buy‑in.
FrankieOne’s workflow‑based configuration gave Lumi’s product team new flexibility.
Instead of relying on manual workarounds, different onboarding flows can now be managed directly within the platform - allowing the team to:
This has enabled the product team to move independently while keeping risk controls tightly aligned with growth.
By consolidating KYC and KYB, introducing biometrics, and automating risk workflows, Lumi has positioned itself as a leader in secure, scalable business lending.
As Lumi’s Senior Product Manager, Angel Chan, summarises:
“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.”
Want to see how unified KYC, KYB, and biometric fraud controls can support scale without friction?
Learn more about FrankieOne’s identity and fraud orchestration platform.