LUMIQ Raises Strategic Funding to Scale AI Decision Layer for Financial Services
Source: Financial IT
Singapore- and New York-based LUMIQ has secured a strategic funding round led by Bajaj Finserv, India's largest diversified financial group, to expand its AI-powered auto-decisioning platform LiteCone across the United States and Southeast Asia.
Singapore- and New York-based LUMIQ has secured a strategic funding round led by Bajaj Finserv, India's largest diversified financial group, to expand its AI-powered auto-decisioning platform LiteCone across the United States and Southeast Asia. The round, which also saw participation from existing investor Info Edge Ventures, positions LUMIQ's agentic AI platform as a production-grade decision layer for banks, insurers, and capital markets firms.
LUMIQ's LiteCone platform deploys AI agents that autonomously process routine financial decisions — from underwriting policies to disbursing loans — using each institution's own guidelines. At a leading life insurer, LUMIQ's LEO agent handles 75–80 per cent of underwriting cases with zero human intervention, cutting policy issuance costs by roughly 25 per cent and compressing turnaround times from days to under eight minutes. Every decision is fully auditable, explainable, and compliant with regulatory requirements, addressing the industry's long-standing tension between speed and accountability.
The funding will accelerate LiteCone's go-to-market expansion in Southeast Asia, where LUMIQ already serves clients through its Singapore operations. The company also plans to deepen its decisioning capabilities and extend its AI agent workforce to more financial-services roles. Co-founder and CEO Shoaib Mohammad described the platform as bridging the gap between e-commerce-speed expectations and the weeks-long timelines still common in banking and insurance.
"LiteCone turns a real financial-services role into a working AI agent in weeks," said co-founder and chief product officer Vaibhav Dobriyal. "Every agent we deploy is consistent, explainable, compliant, and auditable by design." LUMIQ's partnership strategy includes embedding LiteCone directly into cloud and core banking platforms, so institutions can adopt agentic AI without ripping out existing infrastructure.
Why it matters for Singapore: LUMIQ's Singapore presence makes it part of a growing cohort of AI-native fintech firms choosing the city-state as their Asia-Pacific base. With Bajaj Finserv's backing and a platform already delivering measurable efficiency gains in production, the company's expansion plans signal that Singapore is capturing a meaningful slice of the global push toward autonomous, auditable AI in financial services — a sector where the Monetary Authority of Singapore has been actively encouraging responsible AI adoption.