Eclipse Bank, a community bank based in Louisville, Kentucky, has chosen the Lumin digital banking platform for its retail and commercial customers. Lumin Digital announced the deal on September 15, 2026. The bank wants one consistent experience across mobile and online banking, with room to add features and services over time. Neither side named the system Eclipse is replacing or disclosed terms.

On its own, a small bank picking a new vendor is routine. The context around this one is less so, because Lumin has just raised fresh capital, much of it from its own clients.

Who Eclipse Bank Is

Eclipse Bank was founded in 2005 and is a subsidiary of Eclipse Bancorp. It runs three banking centers in Louisville and one in Johnson City, Tennessee, and is an SBA Preferred Lending Partner. Alongside checking and loans, it offers treasury management to commercial clients.

It is a small institution. FDIC-based data compiled by DepositAccounts put it at 47 employees across four locations as of December 2025. For a bank of that size, the Lumin digital banking app will be the part of the bank most customers see most often.

Lumin chief growth officer Kelley Michalik framed the pitch around that point. Community banks compete on relationships, and “digital banking should extend that advantage, not dilute it,” she said, according to FinTech Global. Eclipse CEO Andrew Pyles said Lumin would help the bank offer a more connected, personalized experience. The bank says it wants to deepen engagement and grow relationships, not only move its app to a new system.

A Credit Union Vendor Courting Banks

Lumin was founded in 2016 and began life as a PSCU company, which explains its credit union roots. Most of its recent announced wins are credit unions. Granite State Credit Union signed in April 2026. Ent Credit Union followed in October 2025, and Coastal Credit Union in June 2025.

The closest comparison to Eclipse sits nearby. In July 2025, Commonwealth Credit Union in Frankfort, the largest credit union in Kentucky, chose the Lumin digital banking platform. Eclipse now gives Lumin a Kentucky bank to go with it.

Not every name in Lumin’s news feed is new business, though. OneAZ Credit Union has run on Lumin digital banking since 2021, and in April it renewed for another five years. That is a retention win, not a new client, and it is a useful one. OneAZ reports more than 200,000 digital banking users on the platform.

The Money Behind Lumin Digital Banking

On July 15, Lumin said it had raised more than $115 million at a $1.6 billion valuation. More than $70 million came from its own clients, with 15 more institutions investing in this round. The rest was a $45 million growth equity round led by Light Street Capital. Earlier raises included $170 million in December 2024 and $75 million of client investment in March 2025. Lumin also cites a 451 Research study, part of S&P Global Market Intelligence, finding that Lumin digital banking clients see a 145% return over five years.

The new money funds work on AI, payments, CRM and lending, per the Lumin funding release. That expansion moves the Lumin digital banking platform into products where it has less history.

The client-investor model is unusual. It aligns banks and credit unions with their vendor. It also means some of the loudest votes of confidence in Lumin come from institutions that hold its equity, which is worth remembering when reading client endorsements.

Unbundling the Front End

A standalone Lumin digital banking deployment sits on top of a core system from another vendor, since Lumin does not sell a core. That means integration work, but it lets an institution pick its customer-facing layer separately. Lumin adds partner tools on top, such as the Positive Pay fraud checks from Advanced Fraud Solutions it announced in April 2025. Commonwealth Credit Union, for example, had a long relationship with Jack Henry that included a 2020 commercial lending project before it chose Lumin.

Core vendors are placing the opposite bet. In July, CSI bought Qolo to bring real-time ledgers, payment orchestration and card issuing into its own stack, as FintechBits reported at the time. One model says small institutions should buy best-of-breed front ends. The other says they want fewer vendors.

Neither model has won. Eclipse is one more data point for unbundling, and a small one.

What Would Test the Valuation

The risk for Lumin is execution at scale. Each new Lumin digital banking client needs an implementation, and the CRM, lending and payments products are still being built. A $1.6 billion valuation assumes Lumin can grow its client list without service slipping.

Lumin did not give a total client count in its July funding release, and the Eclipse announcement named no go-live date. Those are the two numbers worth watching. A year-end client count, including how many are banks rather than credit unions, would show whether Lumin digital banking is breaking out of its credit union base. A smooth Eclipse launch would show whether it can serve a small commercial bank as well as a large credit union.

For more on bank infrastructure funding, see how Mbanq found its first institutional buyer for a $100 million funding note.

FintechBits covers payments, banking and fintech developments for readers in the US and UK. This article is for information only and is not financial advice. Views expressed are those of the FintechBits editorial team.