The collaboration between Lüt, a modern closed-loop payment platform designed for high-risk industries, and First Federal Bank (FFB), a $4 billion mutual savings bank, marks a significant step towards addressing the financial needs of sectors often overlooked by traditional banking institutions. This partnership, which includes a financial investment and long-term operational alignment, is set to develop more secure and efficient payment solutions for industries such as state-legal cannabis and gaming.

John Medina, President & CEO of First Federal Bank, expressed pride in the investment, highlighting the bank’s commitment to offering competitively priced solutions and supporting specialty industries. This initiative is expected to create a secure payment ecosystem that caters to a diverse customer base, reinforcing FFB’s reputation for innovation and community support.

Mike Andrud, CEO of Lüt, emphasized the partnership’s goal to build confidence among high-risk merchants by providing next-day settlement, regulatory alignment, and loyalty-driven rewards. Lüt’s unique position as an issuer, acquirer, and wallet provider within its payment system ensures guaranteed funds, faster settlements, and an integrated loyalty program, offering merchants a reliable and growth-ready financial path.

Together, Lüt and FFB are committed to setting a new standard for payment systems in high-risk industries, focusing on resilience, scalability, and the empowerment of underserved markets. This partnership not only strengthens Lüt’s product development and market reach but also aligns with both organizations’ dedication to innovation, compliance, and customer service excellence.

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