Fintech LuminaPro Limited has launched its first product, a regulatory technology solution designed to help banks operating in the EU assess sustainability credentials at the point of loan origination.
The AI-enabled product will address the requirements of the European Banking Authority’s (EBA) ESG Risk Guidelines, which came into force on January 11 this year.
Under the EBA’s new rules, banks must demonstrate they have taken into account ESG risks from the point of originating a loan, with a focus on physical risk and the risks of transitioning to a lower carbon economy, such as the possibility of financial losses.
“Previously, many banks provided an ESG rating on the borrower long after the decision to make the loan was already made,” said Steve Nocka, co-founder, chief financial officer and chief operating officer at LuminaPro.
“Our product converts origination stage information into a structured, sustainability risk view at the beginning of the process, and also identifies the relevant confidence level in the data, any gaps, red flags, and delivers a consistent record for audit purposes.”
“All this is completed in minutes, not days or weeks, as is typical in the market today,” Nocka told GTR.
LuminaPro is also planning to launch a product that aims to address the Prudential Regulation Authority’s rules for how UK financial institutions manage climate-related risk, which came into force in December last year.
“In a regulatory audit, ‘I thought the asset was green’ is not a valid defence,” co-founder Iain MacLennan wrote in a LinkedIn post.
“Banks need a defensible way to prove exactly what they are financing at the point of origination.”
Trade finance veterans Nocka and MacLennan co-founded LuminaPro in February 2026 with the aim to “serve banks and NBFIs globally”.
MacLennan was most recently general manager of Finastra’s trade and working capital business, while Nocka has held senior roles at Bank of America, Accenture and numerous fintechs.
The duo brought in Alex Price and Del Hamilton shortly after setting up LuminaPro as chief product officer and chief technology officer, respectively, completing the founding team.
The firm is based in London, with technology and product operations in Glasgow. LuminaPro is also being supported by Scottish Enterprise, which Nocka said had been “an amazing partner”, with “a team that is both knowledgeable and incredibly easy to work with”.
Support offered by Scottish Enterprise includes grant funding for product and market research, help locating space for LuminaPro’s Glasgow team, and consulting services.
