Tuum adds banking and payment services to its offering with LHV’s help

Tuum, the Estonian core banking provider formerly known as Modularbank, is expanding its service offering to include both a payments platform and banking account services.

Multi-currency bank accounts, virtual IBANs, UK Faster Payments, FX and many more features are being added to Tuum’s existing API.

The laundry list of banking and payment features are coming from a new partnership between Tuum and LHV UK, the UK arm of the Estonian bank.

LHV UK works with the likes of Monese,Wise,Coinbase and Airwallex and is the process of securing a UK banking licence to separate its services and infrastructure arm from itra more ‘traditional’ retail bank parent company in Estonia.

Tuum in turn serves all kinds of fintechs and financial services firms with core banking technology, and now payments and accounts too.

“Clients and prospects of Tuum can now avail of the wide range of payment and banking services offered by LHV right from the get-go, enabling faster than ever times to market for new products and services,” said Julien Douve, Tuum’s global head of alliances and partnerships.

“This joint offering positions Tuum as a partner of choice for newcomers (EMIs, PSPs, crypto etc.) and embedded finance providers alike that are looking to launch innovative propositions in a fast, agile and secure way.”

Late last year Tuum (then Modularbank)raised €4m in seed funding to open a new UK office and significantly ramp up its hiring, aiming to hit 100 employees by the end of 2021.

Its rebrand last month was said to be in order to shift away from its ‘bank’ suffix and highlight that it no longer just serves banks, but rather the whole fintech ecosystem.