LHV Bank, which acquired a UK banking licence in May, announced on Thursday that it is partnering with Estonian SaaS provider Tuum to roll out a new loan system for its SME Lending business. Erki Kilu, CEO of LHV Bank, says,
“This integration with Tuum is a key step in our continuous effort to provide a framework that enables our SME Lending business to develop a wide range of new products quickly, allowing us to swiftly adapt to changing market demands.”
According to LHV Bank, the move improves resource allocation and simplifies lending architecture. It will allow the bank to roll out new products quickly to adapt to changing market demands. Furthermore, it creates a resilient, future-proof framework that will help the bank avoid legacy system challenges.
LHV Bank’s lending business provides commercial property and trading loans of up to £5M (€5.8M) to small and medium enterprises in the UK. Predominantly operating in Manchester, it aims to fuel economic growth in underdeveloped business hubs.