Luminar Media Group's Fortun Advance Reports Substantial Asset Growth and Appoints New VP of Finance

Luminar Media Group, Inc. (OTC MARKETS: LRGR), a fintech company focused on providing capital and financial services to Hispanic-owned businesses in the United States, has announced significant growth in assets for its subsidiary Fortun Advance. The company's total assets have reached $1,216,491, marking a 21.65% return on investment since its merger with Luminar Media Group on May 26th, 2024.

The impressive growth comes after a $1,000,000 capital contribution to support Fortun Advance's operations. The company's performance is particularly noteworthy given the current economic climate, with a default rate of only 7.4% of receivables, well below industry standards. This low default rate underscores the effectiveness of Fortun Advance's underwriting processes and risk management strategies.

Month-over-month growth metrics paint a picture of rapid expansion. From July to August, accounts receivable from active funding clients grew by 98.7%, increasing from $439,191.42 to $872,946.99. New funding volume saw a 50.63% increase, surpassing the company's August forecast of $350,000. Perhaps most impressively, receivables deposited surged by 147%, from $47,161.98 in July to $116,859.38 in August.

Fortun Advance's business model appears to be self-sustaining, with commissions and fees covering operational costs. The company has collected $199,390 in fees and commissions against total recorded operational expenses of $185,555.39, demonstrating the scalability and financial efficiency of its approach.

The company's reach extends across 25 industries, with a focus on construction, trucking and transportation, and automotive sectors. Geographically, Fortun Advance has funded businesses in 17 states, with over 78% of funding concentrated in Florida, indicating significant potential for expansion into other regions.

In a move to bolster its financial leadership, Luminar Media Group has appointed Juan M. Sese as Vice President of Finance for Fortun Advance. Sese brings over 25 years of experience in finance, including a career at Morgan Stanley Smith Barney managing assets for affluent clients and major institutions across Latin America. His expertise in business strategy, private equity, and mergers and acquisitions, particularly in logistics, distribution, and land development in South Florida, is expected to be a valuable asset to the company.

Yoel Damas, President of FortunCo, praised Sese's appointment, highlighting his early belief in the company's vision and his exceptional data analysis skills. Sese, who holds an MBA from the University of Miami and has held multiple prestigious financial licenses, expressed enthusiasm for joining the company, noting the potential to address critical gaps left by major financial institutions in underserved communities.

The rapid growth and strategic appointment at Fortun Advance signal a promising outlook for Luminar Media Group in the fintech sector, particularly in serving Hispanic-owned businesses. As the company continues to expand its reach and refine its financial services, it may well become a significant player in providing capital to underserved communities across the United States.

Investors and industry observers will likely keep a close eye on Fortun Advance's performance in the coming months, as its growth trajectory and innovative approach to financial services could have broader implications for the fintech industry and its role in supporting minority-owned businesses.

For more information about Luminar Media Group and Fortun Advance, interested parties can visit www.fortunco.com.