02 March 2022 – Tuum, the next-generation core banking platform, today announces that it has been selected by LHV UK, the fintech-focused bank and payment services provider, to provide the core infrastructure for the entirety of LHV UK’s banking operations.
LHV UK provides banking infrastructure and payment services to more than 200 financial services companies, such as Airwallex, Coinbase, Railsbank and Wise, with over 10 million end-customers globally. LHV UK is the only provider currently capable of allowing customers to make both instant GBP and EUR payments directly, and is the founding member and leader in instant EUR payments, with its clients processing 8% of the total SEPA transactions in Europe.
By selecting Tuum to handle all core banking capabilities, LHV UK can free up internal resources to focus on the development of value-added services. Leveraging Tuum’s technology and expertise, it will benefit from increased flexibility in serving its customers, while simultaneously expanding its product offering.
Erki Kilu, CEO of LHV UK, comments: “In October last year Tuum entered into a partnership with LHV UK and thereby gained access to our instant EUR and GBP payments and banking account services. Now LHV UK has chosen Tuum as our core banking provider and I look forward to further strengthening our relationship.”
Rivo Uibo, CBO & co-founder of Tuum, comments: “LHV is already one of the most tech-savvy and digitally advanced banks on the market, so I feel immensely proud of the trust they have placed in us to handle their core banking needs. Tuum was selected from an incredibly competitive pool of global service providers thanks to the platform’s broad functional coverage and our flexible approach to problem-solving.
This deal is a perfect illustration of a point we at Tuum have frequently made; collaborating with core banking infrastructure providers is invaluable for banks in freeing up internal resources to focus on competitive product offerings. LHV UK epitomises the banks of the future, with open architectures and exciting new business models.”
Tuum’s signing of LHV UK is another testament to the company’s rapid growth in the UK and global markets. Last month, Tuum announced it had closed a €15m Series A funding round to support its product development and international expansion, further cementing its place as a technical leader in the core banking market.