Lüt and First Federal Bank Forge Partnership to Innovate Payments for High-Risk Industries

Lüt, a modern closed-loop payment platform designed for high-risk industries, has entered into a strategic partnership with First Federal Bank (FFB), including a financial investment and long-term collaboration. This alliance is set to provide more secure, compliant, and accessible payment solutions for sectors often overlooked by traditional financial institutions, such as state-legal cannabis and gaming.

John Medina, President & CEO of FFB, expressed pride in the investment, highlighting the bank's commitment to serving diverse customers through secure payment ecosystems. The partnership is expected to bolster Lüt's product development and market expansion efforts, offering merchants next-day settlement, no NSF fees, and reduced risk, among other benefits.

Mike Andrud, CEO of Lüt, emphasized the partnership's goal to build confidence among high-risk merchants by offering reliable, growth-ready financial tools. With both companies sharing a vision for empowering underserved markets, this collaboration represents a pivotal move towards setting new standards in payment systems outside traditional frameworks.

The initiative underscores the importance of financial inclusivity and innovation, providing high-risk industries with the tools needed for sustainable growth. By combining Lüt's cutting-edge payment solutions with FFB's banking expertise, the partnership is poised to make a significant impact on how payments are processed in sectors that have historically faced financial service challenges.