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Luminar Media Group, Inc. reports developments tied to its Fortun-branded revenue-based financing business for small and medium-sized businesses across the United States. Through Fortun Advance, Fortun Funding, Fortun Online and related affiliates, the company provides capital alternatives supported by a technology-enabled platform that evaluates ACH activity, sales data and other financial indicators.
Recurring news themes include operating and financial results, gross funding volume, cash collections, portfolio quality, capital-capacity initiatives, corporate governance updates and public-company initiatives. Company updates also describe Fortun's focus on underserved entrepreneurs, including Latino and minority business communities.
Luminar Media Group (OTC PINK:LRGR) is transitioning into the finance industry by acquiring FortunCo and investing $1 million in fintech solutions for underserved communities. The company will divest its spirits division and rebrand to Fortun Corp. Interim president Yoel Damas plans to appoint seasoned finance professionals to the executive team. Fortun aims to empower underserved and minority-owned businesses with quick, accessible capital, highlighting the potential $1.4 trillion contribution from Latino businesses to the U.S. economy. Fortun targets Hispanic-owned businesses and is negotiating with a national firm for underwriting and regulatory support. The company is also exploring further acquisitions and partnerships to expand its financial solutions.
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