Luminar Media Group, Inc. (OTCMARKETS: LRGR), a fintech company that provides capital and financial services to underserved businesses, has projected a robust growth for the fourth quarter of 2024. The company expects a 45% increase in funding volume, from $1,138,000 in Q3 to $1,650,000 in Q4, alongside a 32% revenue growth, from $307,211 to $407,550. Total assets are also anticipated to rise by 26%, reaching $2,430,000 by the end of Q4.
This growth is largely attributed to the performance of Fortun Advance, a subsidiary acquired by Luminar Media Group in May 2024. Fortun Advance has shown remarkable financial results, with total assets amounting to $1,926,507 as of September 30, 2024. Gianinna Nicoletti, Vice President of Operations for Fortun Advance, highlighted the company's strategic approach to supporting the small business community through tailored funding solutions.
The forecast comes at a time when small businesses, contributing over $800 billion annually to the U.S. economy, are increasingly in need of accessible funding solutions. Yoel Damas, President of Luminar Media Group, emphasized the company's role as a crucial partner for small businesses, especially those from underserved communities, by offering flexible, revenue-based funding solutions.
Luminar Media Group's focus on Latino and minority-owned businesses reflects the growing diversity in the small business sector. The company is also undergoing a rebranding process to Fortun Corp, including a change in its stock symbol, to better align with its core financial services business.
The projected month-over-month increase in funding volume for October, November, and December 2024 underscores the strong market demand for Fortun's services. However, the company cautions that these projections are preliminary and subject to market risks and uncertainties.
For investors and industry observers, Luminar Media Group's forecast offers valuable insights into the alternative lending market for small businesses. The company's performance in Q4 2024 will serve as a key indicator of its potential and the broader trends in fintech and small business financing.
