MIAMI, FL - Luminar Media Group, Inc. (OTC MARKETS: LRGR), a prominent fintech company focused on providing capital and financial services to Hispanic-owned businesses in the United States, has reported substantial asset growth in its initial months within the finance sector. The company has also appointed Juan M. Sese as Vice President of Finance for its subsidiary, Fortun Advance.
Since merging with Luminar Media Group on May 26, 2024, Fortun Advance has secured $1,000,000 in capital contributions, pushing its total assets to $1,216,491 by August 31, 2024. This represents an impressive 21.65% return on investment (ROI) within a few months. However, this ROI is subject to factors such as funding defaults, collections, and market conditions. As of now, the total amount in default collections is $64,644.60, or 7.4% of receivables—a figure substantially below industry standards, underscoring the company's strong underwriting processes and risk management.
Key month-over-month growth metrics were also highlighted:
1. Accounts Receivable from active funding clients grew from $439,191.42 in July to $872,946.99 in August, an increase of $433,755.57 or 98.7%.
2. New funding volume rose from $258,700 in July to $389,700 in August, marking a 50.63% increase and surpassing the August funding forecast of $350,000.
3. Receivables deposited surged from $47,161.98 in July to $116,859.38 in August, reflecting a 147% increase.
Fortun Advance operates a self-sustaining business model, covering operational costs through commissions and fees. To date, the company has collected $199,390 in fees and commissions against total operational expenses of $185,555.39, highlighting the model's financial efficiency and scalability.
The company has funded businesses across 25 industries, with 57% of the funding directed towards the construction, trucking and transportation, and automotive sectors. Moreover, businesses in 17 states have received funding, with over 78% of this concentrated in Florida, indicating potential for expansion into other regions.
The appointment of Juan M. Sese as Vice President of Finance brings over 25 years of experience in finance to Fortun Advance. Sese launched his career at Morgan Stanley Smith Barney, managing assets for affluent clients and major institutions across Latin America. His expertise spans business strategy, private equity, and mergers and acquisitions, particularly in logistics, distribution, and land development in South Florida. Sese holds an MBA in Business and Finance from the University of Miami and multiple prestigious financial licenses.
"From the moment I was introduced to the concept behind Fortun Advance, I recognized it as a winning idea supported by a strong team. 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. I am excited to be part of this great company," said Juan Sese. "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."
