Hidden Gems: Meet Michael Andrud of Lüt®

Today we’d like to introduce you to Michael Andrud.

Hi Michael, thanks for sharing your story with us. To start, maybe you can tell our readers some of your backstory.

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It would not be a Michigan story without the auto industry, and my career started with General Motors — there I worked in IT and financial systems for years. That experience gave me a strong foundation in technology, operations and problem solving at scale. From there, I transitioned into banking and financial services, working with organizations navigating major transformations after the financial crisis. Over the years, I held roles with companies like IBM, PNC and Flagstar Bank, and focused on digital modernization, data and technology operations.

Eventually, I saw an opportunity to build something new. Payments technology hadn’t fundamentally changed in decades, even though the world around it had. Commerce and especially e-commerce was becoming more mobile, more real-time and more connected, but the infrastructure behind payments was still relying on outdated systems. That realization led to the creation of Lüt®.

We set out to build a modern payments ecosystem from the ground up using a multi-cloud server and proprietary payment rails. Today, Lüt supports industries ranging from retail and franchise businesses to emerging sectors like cannabis and iGaming. One of the most rewarding parts of the journey has been bringing together an incredibly talented team of leaders from banking, payments and technology who all share the same vision for innovation and accessibility in financial services.

Read the rest of the interview here.