Lumni is a pioneer in the field of human capital financing. The company designs and manages investment funds in education.

Our Founders


Felipe Vergara

“I believe in entrepreneurship, risk taking and giving back. I want to see that people can find the resources to pursue their projects and dreams, in a way that reduces their risk and shares their upside with the individuals and organizations who believed and invested in them.”

Miguel Palacios

“We fund education because of its transformative power, both for the individual and society. We use Income Share Agreements (ISAs) because the burden of debt is sometimes unacceptable; and because students benefit when an informed and better-funded party has a stake in their success.”

How it Works

Lumni finances students through Income Share Agreements (ISAs) so they can finish their studies.

Students agree to pay the financing after graduating by paying a fixed amount of their salary for a set period of time.

If you want to learn more about ISAs, see our articles and publications here.

Our Values

  • Perseverance

    always aiming for excellence.

  • Integrity

    and zero tolerance for deceit.

  • Respect

    in the relationships with our team, students and their families, our partners and investors.

  • Responsibility

    to fulfill our commitments.

  • Solidarity and service

    aware that everything we do can make a difference.

Where We Work

Lumni is a pioneering alternative for educational financing in the world. It is currently available and operating in:






Our Team

Global Team

Felipe Vergara
Co-Founder and CEO

Felipe received his MBA from Wharton before joining McKinsey & Company as a consultant in their New York office. He was recognized as an Ashoka Global Fellow in 2006, an Endeavor Entrepreneur in 2009, and named one of America’s 25 Most Promising Social Entrepreneurs by Business Week in 2009.

Miguel Palacios
Co-Founder and Head of R&D
Miguel is Assistant Professor of Finance at the Owen Graduate School of Management, Vanderbilt University. He received a PhD from the Haas School of Business at the University of California at Berkeley and was a Batten Fellow at the University of Virginia’s Darden School of Business. Miguel has authored numerous works on the subject of financing human capital.
Jorge Alvarez
Chief Technology Officer (CTO)

Jorge is a Systems Engineer specialized in  Project Management from Politecnico Grancolombiano. He is certified in ITIL Foundation V3, holds 13 years of experience in information technology, data security, communications, networks and software implementation. Before joining Lumni, he was the IT Specialist for Latinamerica at Fiserv.

Diana Avila
Research Director

Diana Avila holds a Masters Degree in Finance and is an Economist from the University of Los Andes. She has broad experience in business analysis and assessments, financial modeling of investment projects; forecasting and presentation of business assessments.

Lumni USA

Natalia Toledo (Directora de Operaciones)

Economista de la Universidad del Pacífico en Perú. Antes de unirse a Lumni, Natalia fue la Directora Andina de Ashoka.

Lumni Colombia

Sylvia Ortiz (Directora de Operaciones)

Ingeniera industrial de la Pontificia Universidad Javieriana y MBA de la Universidad de la Sabana. Fue Gerente General de la Coop. de Ahorro y Crédito Progressa (Grupo Saludcoop).

Lumni Perú

María del Rosario Rojas (Directora de Operaciones)

Abogada de la Universidad San Martin de Porres de Perú. Fue profesional de Enseña Perú por dos años y anteriormente trabajó en Osiptel.

Lumni México

Mariana Ramírez (Directora de Operaciones)

Mariana fue Gerente de Programas Institucionales de IXE Grupo Financiero. Posee la licenciatura de Mercadotecnia y Publicidad en la UNUM, y cuenta con una Maestría en Educación de la UNID. 

Lumni Chile

Daniel Rojas (Director de Operaciones)

Abogado de la Universidad Católica de Chile, con una maestría en Estudios Latinoamericanos de la Universidad de Vanderbilt. Tiene experiencia en temas de emprendimiento, procesos operativos, educación y políticas públicas.

Board of Directors

Alberto Beeck

Alberto is an investor and entrepreneur with interests in the mining, hotels, wealth management, and tech sectors, as well as on social impact activities in the education sector. Managing Partner of VH Properties and Director of Virgin Hotels. He also serves on the boards of WE Family Offices Holdings, Endeavor Miami, and Videoo. He is a member of the Group of Fifty and of ASN (Ashoka Support Network). Founder and Chairman of Georgetown University’s Beeck Center for Social Impact and Innovation, and member of its Global Board.

Miguel Palacios

Head of Research & Co-Founder.  Assistant Professor of Finance, Vanderbilt University. Finance Ph.D., University of California, Berkeley. MBA, Darden.

Daniel Echavarría

CEO Ganolian Investments Co.,  Board member of Corona and Endeavor Miami. Daniel obtained a Masters in Finance from London Business School and a BS in Business Administration from the University of Colorado in Boulder. 

Felipe Vergara
Co-Founder and CEO

Before Lumni, Felipe founded 4 other companies in the field of education. He is an Ashoka Fellow and Endeavor entrepreneur. An Engineer from Universidad de los Andes (Colombia) that holds an MBA from Wharton School.

Angel Alverde Losada

Angel Alverde Losada has been CEO of Office Depot for Mexico, Central America and Colombia since 1994. He holds a Bachelors degree in Business Administration from Universidad Iberoamericana and a Masters degree in Finance and Marketing from JL Kellogg Graduate School of Management.

Oswaldo Sandoval

Chairman of Sandoval Group, Chairman of Aeropuertos del Perú, Chairman of Inmobiliaria Koricancha, Chairman of Endeavor Peru. Former Congressman from 1993 until 2000. BS in Economics from Universidad Catolica del Peru. Postgraduate management studies at Universidad de Piura, and the Advanced Management Program at Harvard University.

Our Partners

Lumni partners with the industry leaders to provide the best possible service:


Lumni in the News

The Colombian "favorite" of the World Economic Forum (in Spanish)

Portafolio Magazine (Colombia), June 2016

Felipe Vergara is interviewed at the WEF venue in Medellin, and explains about Lumni, its funds and the recognition he received in 2011 at the World Economic Forum in Davos.

Firm brings microfinancial aid to US students, by Nanette Asimov.

SF Gate. July 18, 2011.

"An innovative method of helping students pay for college in Latin America has landed in the United States - and 15 California students serve as its willing guinea pigs."

Are 'income share agreements' a good way to pay for college?, by Robert Kechlen

CS Monitor. June 7, 2016

"Under these plans, students agree to pay a percentage of their future income to a private company or lender in exchange for additional money to cover college expenses. For some, the agreements might make sense."

A Way to Pay for College, with Dividends, by David Bornstein.

The New York Times. June 2, 2011. 

"If you were a student looking for financing to pursue a degree in social science, would you accept an offer of $16,000, in exchange for paying 4.5 percent of your income for 10 years after you graduate?"

Instead of Student Loans, Investing in Futures, by David Bornstein.

The New York Times. May 30, 2011. 

"Today, I’d like to look at the question of whether there may be a better way to pay for college than with scholarships, grants and loans. Is it possible to finance higher education the way we finance start-up companies?"

Escaping the student-debt trap, by Kate Bachelder.

The Wall Street Journal. June 13, 2014.

"An economist-entrepreneur inspired by equal parts Milton Friedman and David Bowie says income-share agreements could rescue higher education."

A Guide to Income-Share Agreements, which some see as a better way to finance college, by Beckie Supiano

The Chronicle of Higher Education. April 14, 2015.

Latin America’s big education innovation, by Andres Oppenheimer

The Miami Herald. May 6, 2015.



by Miguel Palacios, Tonio DeSorrento, and Andrew P. Kelly

American Enterprise Institute Series on Reinventing Financial Aid, 2014

“A Better Way to Finance That College Degree", Op. Ed. by Miguel Palacios and Andrew P. Kelly. The Wall Street Journal, April 14, 2014.


Investing in Emerging Markets

The Research Foundation of AIMR, 2003.
Robert Bruner, Robert Conroy, Wei Li, Elizabeth
O’Halloran and Miguel Palacios LLeras.

News & Events

Perú: Lumni in TV Program 'Mundo Empresarial' (in Spanish), July 2015

Former General Manager of Lumni Perú, Juan Pablo Bustamante, is interviewd by Bruno Giuffra about Lumni and Fondo Talento.






CNN in action: The Social Innovation. Gabriela Frias presents Lumni (In Spanish). Feb, 2013.

Transmitting from the World Economic Forum in Davos (2013), Gabriela Frías presented the case of Lumni from three perspectives: from two Chilean students own words, an  excerpt from Felipe's speech  in the event, and a short interview where Felipe and Gabriela comment about the win-win partnership between Lumni and SabMiller in Colombia.

Oppenheimer Presenta: Felipe Vergara Interview (Lumni), 2015

(Video in Spanish) Andrés Oppenheimer interviews Felipe Vergara, as part of his TV program "Oppenheimer Presents", dedicated to The Social Innovators.
(Aired on May 2015)

Lumni Chile in TVN: Revolution for College Financing, April 2014

Television report on Lumni by the central news program of the Chilean National Television channel. It explains what students need to know about Lumni Chile, and its support for hundreds of students to finish their higher education studies.

  • Felipe Vergara was awarded the Social Entrepreneur for Latin America in 2011.

  • Lumni won the UBS Global Venture Lab Competition in 2011.

  • Lumni was invited to participate at CGI 2010. Lumni made a public commitment to finance 10,000 new students.

  • Felipe Vergara was elected one of America's Most Promising Social Entrepreneurs in 2009.

  • In 2007, Lumni was selected as a high potential model for improving access to higher eduction in Latin American countries.

  • Lumni was selected as one of Global Impact Assets 50 in 2011.

  • Felipe Vergara was named an Ashoka Fellow in 2006. As of 2015 he serves in Ashoka's Board of Directors.

  • Lumni was selected an Endeavor company in May 2009.