Luminar Media Group, Inc. (OTC MARKETS: LRGR) has announced significant growth in its Business Advance operations through Fortun Advance, its fintech subsidiary. The company reported a 245% increase in Business Advances during July and August 2024 compared to June, showcasing the burgeoning demand for financial services tailored to Hispanic-owned businesses in the United States.
As of August 23rd, 2024, Fortun Advance's total assets reached $1,209,237.39, with $457,864.56 in cash and $751,372.83 in accounts receivable. This growth follows LRGR's strategic acquisition of FortunCo and Fortun Advance in May 2024, marking its foray into the finance sector. The subsidiary's performance in July was particularly strong, with $258,700 in funding leading to $385,463 in gross receivables and $77,540 in commission and fee income. August continued this trend, with $271,000 funded by August 23rd, resulting in $403,790 in additional gross receivables and $70,824 in commission and fee income.
To accommodate this rapid expansion, Fortun Advance has increased its team by 11 new members in August, bringing the total staff dedicated to funding operations to 25. This expansion is aimed at enhancing operational efficiency and sustaining growth. Looking forward, Fortun Advance projects funding an additional $500,000 in September, expected to generate $745,000 in gross receivables and approximately $130,000 in gross fee and commission-based revenue for the month.
The company's growth is not just financial; as of August 23rd, Fortun Advance has closed over 100 transactions, indicating strong market demand. Its funding activities span several states, with Florida accounting for 82.4% of total funding. Additionally, Fortun Advance has secured a $1 million funding commitment set for deployment starting in September, which is anticipated to significantly expand its portfolio and market presence.
This growth trajectory underscores the potential of fintech solutions in meeting the unique needs of minority-owned businesses and the role of innovative financial services in promoting economic inclusion. As Fortun Advance continues to expand, it may set new industry benchmarks for serving diverse and underrepresented business communities.
