LHV takes €1m stake in its core banking provider Tuum

By Oliver Smith on Friday 29 April 2022

Digital Banking

An even closer relationship for the two Estonian fintechs.

LHV takes €1m stake in its core banking provider Tuum
Image source: Rivo Uibo/Tuum.

Estonian fintech Tuum this week secured a €1m investment from one of its largest clients, LHV Group.

The deal makes LHV not just a partner and customer of Tuum, but also a strategic investor in the core banking provider.

Just last month LHV’s UK arm—which provides payments technology for the likes of Coinbase, Railsbank and Wise—chose Tuum to run its core banking infrastructure.

In October 2021, Tuum added a payments platform and banking account services to its own offering, both powered by LHV.

Tuum’s chief business officer and co-founder Rivo Uibo said he is: “very proud that [LHV] have not only entrusted us to handle the entire core banking needs of their UK operations but have now also decided to become an important investor in our platform.”

From LHV’s side, its CEO Madis Toomsalu called the €1m deal: “an investment that will help us combine our own interests with a strategically important partner and further strengthen our position among financial technology companies.”

“Together with Tuum, we can give fintech start-ups and companies operating in other fields the opportunity to enter the market with new flexible financial products more easily and faster."


 

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Companies in this Article:

Railsbank
October
Tuum
LHV

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