Press Release

Illuma Secures Strategic Financing from Stifel Bank

Funding will accelerate growth and enhance fraud solutions for banks and credit unions.

Illuma, a leader in voice authentication and fraud prevention solutions for community financial institutions (CFIs), today announced it has secured strategic financing from Stifel Bank. This financing will support Illuma’s ongoing mission to enhance security and streamline authentication processes across voice channels for community banks, regional banks, and credit unions.

Illuma’s advanced voice biometrics technology delivers seamless, secure, and efficient authentication, addressing a critical need for CFIs facing increasing fraud threats and regulatory pressures. The strategic financing will enable the company to accelerate product innovation, expand market reach, and further strengthen its ability to support financial institutions in safeguarding consumer interactions.

Support Grows for Illuma’s Voice Authentication 

“This strategic financing marks an exciting milestone for Illuma as we continue to scale and provide financial institutions with cutting-edge authentication solutions,” said Milind Borkar, CEO of Illuma. “The support from Stifel underscores the growing demand for frictionless security solutions that reduce operational costs while enhancing consumer trust. With this financing, we are well-positioned to expand our capabilities and further solidify our leadership in the market.”

Stifel Bank’s strategic financing follows extensive due diligence into Illuma’s proprietary technology and its impact on mid-market financial institutions. “Our tech and operations teams went through deep due diligence and have been highly impressed with the quality and simplicity of Illuma’s offerings, which address a critical gap for mid-market FIs,” said Nick Elsenpeter, Senior Vice President, Venture Lending and Banking at Stifel Bank. “We are excited to support their continued growth.”

As financial institutions face increasing threats from fraudsters and growing regulatory scrutiny, Illuma’s voice authentication platform offers a scalable and highly secure solution to meet evolving security demands. The company remains committed to innovation and partnerships that drive long-term value for financial institutions and their account holders.

A Dedicated Team Towards Innovation

Illuma is led by Co-Founders Milind Borkar (CEO) and Jeremy Whittington (CTO). Dr. Borkar, an accomplished innovator with 14 technical publications and 21 patents, spearheaded the launch of over 50 high-tech products during his tenure at Texas Instruments before transitioning into FinTech entrepreneurship. Recognized by Dallas Innovates on the ‘Future 50’ and ‘AI 75’ lists, he continues to drive advancements in the industry. With a career spanning 27 years, Jeremy Whittington has thrived in diverse roles, including developer, architect, journalist, advisor, and serial entrepreneur. Under his leadership, Illuma has transformed voice biometric authentication innovations into cutting-edge, easy-to-implement solutions for financial institutions of all sizes.

Illuma was honored with the ‘Best in Show’ award at the 2024 FinovateFall event, highlighting their leadership in financial technology innovation. 

About Illuma

Illuma Labs is a FinTech company headquartered in Plano, Texas. The organization’s flagship product, Illuma Shield™, replaces traditional knowledge-based authentication practices with an effortless and secure real-time voice authentication solution to enhance caller experience, improve operational efficiency, and prevent fraud in credit union and community bank contact centers. For more information, visit https://illuma.cx. 

About Stifel

Stifel Financial Corp. (NYSE: SF) is a diversified global wealth management, investment bank, and commercial banking company. Stifel Venture Banking, a division of Stifel Bank, Member FDIC, provides commercial banking and debt capital financing solutions to venture capital-backed technology companies and their investors. Stifel Bank has the flexibility and resources to offer its customers the banking, treasury management, and lending solutions they value most, with the legacy of Stifel. Stifel Bank collaborates with Stifel Investment Banking teams and Stifel Wealth Management, tailoring solutions for companies and individuals across their asset management needs. To learn more, please visit: https://stifelventurebanking.com/