Lüt and First Federal Bank Announce Strategic Partnership to Advance Payments Innovation in High-Risk Industries

Lüt, the modern closed-loop payment platform built for high- risk industries, today announced a strategic partnership with First Federal Bank (FFB). This partnership includes a financial investment and a long-term collaboration designed to deliver more secure, compliant, and accessible payment solutions for industries often underserved by traditional financial institutions.

FFB, a $4 billion mutual savings bank with a strong reputation for innovation and community support, is not just investing in Lüt, it is aligning operationally and strategically to help scale a joint vision.

Together, Lüt and FFB are partnering to deliver real financial infrastructure tailored for high-risk sectors like state-legal cannabis, gaming, and others, where compliant, efficient digital payments are often hard to access.

“FFB is honored to invest in Lüt to provide competitively priced solutions. Being one of the first banks to support specialty industries, this relationship will offer a secure, payment ecosystem that aligns with our purpose of serving diverse customers.” - John Medina, President & CEO of First Federal Bank

This partnership strengthens Lüt’s ability to accelerate product development, expand its market reach, and serve merchants with confidence and continuity. By working together, FFB and Lüt aim to set a new standard for trustworthy, forward-thinking payment systems that operate outside traditional payment rails.

Lüt’s payment system offers a full-stack alternative: it serves as issuer, acquirer, and wallet provider, ensuring guaranteed funds, faster settlements, and integrated loyalty features. Merchants benefit from RTP, no NSF fees, reduced risk, and an intuitive, hardware-optional onboarding experience.

“Lüt and FFB are building more than infrastructure—we’re building confidence. With next- day settlement, strong regulatory alignment, and loyalty-driven rewards, we’re giving high-risk merchants a reliable, growth-ready path forward. And we’re doing it with purpose, compassion, and precision.” — Mike Andrud, CEO of Lüt

This partnership represents a shared commitment to empowering underserved markets with resilient financial tools and a scalable path to growth.

About Lüt

Lüt is a next-generation payments platform purpose-built for high-risk and underserved industries. Through its closed-loop ecosystem, Lüt delivers secure transactions, no shutdowns, no NSF fees, and real cashback every Friday. With PCI DSS and SOC 2 Type 1 & Type 2 certifications, Lüt combines compliance, innovation, and loyalty in one modern platform. Visit mylut.com to learn more.

About First Federal Bank (FFB)

First Federal Bank is a community-owned mutual savings bank with more than $4 billion in assets and a presence throughout Florida and beyond. Known for its integrity and commitment to innovation, FFB partners with fintech companies and underserved industries to deliver secure, scalable banking solutions. The bank is consistently recognized with an “Excellent” rating from BauerFinancial, Inc. for over 20 years. Furthermore, Newsweek named First Federal the "Best Small Bank in Florida" for four consecutive years from 2020 to 2023 and “Best Regional Bank” for 2024 and 2025. Visit ffbf.com for more information.