Banking infrastructure provider LHV UK taps Tuum for core banking tech
UK banking infrastructure provider LHV UK has tapped core banking software start-up Tuum (formerly ModularBank) to deliver a core banking platform upgrade.
LHV UK, which is a subsidiary of Estonian bank LHV, provides the banking infrastructure and payment services to more than 200 fintechs, including Airwallex, Coinbase and Wise, ultimately serving more than ten million customers globally.
It says it is the only provider currently capable of allowing customers to make both instant GBP and EUR payments directly.
Its clients process 8% of the total Single Euro Payments Area (SEPA) transactions in Europe.
LHV UK has also recently applied for a full banking licence in the UK.
Estonia-based Tuum and LHV UK first started working together last October, with the fintech using the bank’s payments and banking account services.
Now LHV UK has become Tuum’s client.
Last month, Tuum raised a €15 million Series A funding round to support its product development and international expansion.