Financial advice fintech Luminous raised $5 million in a second self-described “Seed” round.

Funding came from two growing independent consultancy firms, Australia’s Invest blue and American company Savant Wealth Management.

Lumiant is a cloud-based advisory platform designed to improve advisory outcomes for financial advisors and clients. The financing is earmarked for US expansion and mobile app development, while the engineering and mobile development have been supported to bring the app to Android and iOS Phil Pilgrim has signed on as head of the company, responsible for continuing to drive growth in Australia and New Zealand.

The fintech previously planned to raise $2 million through crowdfunding in 2021 extends its $1.17 million initial seed round.

The consultancy startup saw the number of customers grow by about 44% in 2022.

Company founder and Global CEO Santiago Burrige said Lumiant is committed to helping individuals and families live their best lives.

“By meeting customers where they are – on their mobile devices – we can improve their ability to track progress towards their goals. We are thrilled to have backers who understand the far-reaching appeal of our advisory engagement technology and its ability to transform the relationship between advisor and client,” he said.

Lumiant’s cloud-based solution helps financial advisors provide measurable and scalable advice, and its modules help advisors visualize the impact and value of advice.

The platform uses a process called stochastic modeling to convert non-numerical information into measurable and trackable results. This helps clients understand if they are on track to achieve their goals and live their best lives.

More than 60 consulting firms use Lumiant’s enhanced consulting experience to deepen their relationships with clients and prospects.

Savant Wealth founder Brent Brodeski said that as an early client and strategic partner of Lumiant, they had a first-hand understanding of the consulting benefits.

“That’s why we’re excited to double our investment and help bring this next-gen experience to mobile. We are confident that our clients will benefit from the ability to track progress toward their life and financial goals in real time and on the go.