Estonia’s LHV Group invests in core banking startup Tuum

Estonian financial services outfit LHV Group has invested €1 million in Tuum, its core banking platform provider.

The strategic investment means that LHV is now a partner, customer and investor in local outfit Tuum, which offers an API-first, cloud-agnostic and modular banking platform that covers all retail and business banking processes.

Last October, Tuum gained access to LHV’s services, enabling it to provide customers with real-time pound and euro payments, virtual Ibans, currency exchange accounts and currency exchange transactions.

Then, last month LHV also selected Tuum to provide the core infrastructure for its banking operations in the UK.

Madis Toomsalu, CEO, LHV Group, says: “For LHV, this is 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.”