Press Release
Media Contact: Milind Borkar, +1 (972) 217-7106, info@illuma.cx
Illuma CEO Milind Borkar Named Finalist in 2025 Credit Union Times Luminaries Awards
Illuma, the leading provider of voice authentication for credit unions and community financial institutions, proudly announces that its Founder and CEO, Milind Borkar, has been selected as a finalist in the Executive Leadership – Technology Vendor category of the 2025 CU Times Luminaries Awards, which recently unveiled finalists across 25 categories.
The Credit Union Times Luminaries Awards celebrate top industry professionals, credit unions and world-class service organizations that are changing the cooperative financial services industry for the better. Borkar’s recognition reflects his transformative leadership in advancing secure, AI-driven voice authentication technology tailored to credit unions.
Under his leadership, Illuma has propelled the deployment of its flagship solution, IllumaSHIELD™, a passive voice biometric authentication system designed for seamless security integration in contact centers. Over the past year, Borkar has led Illuma through a period of rapid growth and innovation. Key accomplishments under his leadership include:
- $9 million Series A funding closed in 2024, fueling product innovation, operational expansion, and broader market adoption.
- Deployment of IllumaSHIELD™, the company’s flagship voice authentication solution, securing millions of members’ accounts nationwide.
- Reduction of authentication time by 90%, delivering efficiency gains in contact centers while strengthening member satisfaction.
- Launch of proprietary deepfake detection technology to proactively safeguard against AI-driven voice fraud, protecting credit unions and members from emerging threats.
“This recognition reflects the hard work of our entire team and our unwavering commitment to empowering credit unions and community financial institutions with innovative technology that enhances contact center experience and safeguards against fraud,” said Borkar.
Finalists were announced on August 28, and winners will be revealed at the Luminaries Awards dinner scheduled for November 6, 2025, at Disney’s Yacht Club Resort in Orlando, Florida.
About Illuma
Illuma is a FinTech company headquartered in Plano, Texas. Illuma is the leader in real-time voice authentication and fraud prevention for financial institutions. Its flagship solution, IllumaSHIELD™, uses AI-powered voice biometrics to deliver secure, seamless authentication, reducing fraud risks while improving efficiency in contact centers.
IllumaSHIELD™ has been featured at premier FinTech events and has won multiple accolades, including The League of Credit Unions & Affiliates 2025 Shark Tank Winner, ‘Best in Show’ at Finovate, VentureTech, CreditUnions.com Innovation Series, and NACUSO Next Big Idea, recognizing our leadership in financial technology innovation. For more information, visit illuma.cx.
About Credit Union Times
Credit Union Times is the leading independent voice for the credit union industry, delivering trusted news, analysis, and insights to credit union executives, boards, and professionals nationwide. With in-depth reporting on leadership, technology, compliance, operations, and innovation, CU Times provides essential coverage that helps credit unions navigate challenges and seize opportunities in a rapidly evolving financial services landscape. Learn more at cutimes.com.