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.
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becoming more mobile, more real-time and more connected, but the infrastructure behind payments was still relying on outdated systems.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.
Would you say it’s been a smooth road, and if not what are some of the biggest challenges you’ve faced along the way?
No entrepreneurial journey is completely smooth, especially in fintech. One of the biggest shifts for me was learning how different the mindset is between corporate leadership and entrepreneurship. In banking, your job is often to minimize risk at every turn. As an entrepreneur, you have to become comfortable taking meaningful risks every single day.
Building a company from scratch also requires resilience and patience. You’re carrying the vision while simultaneously solving problems in real time. There are moments where you have to make bold decisions without perfect certainty, especially when you’re trying to modernize an industry that has operated the same way for decades. You have to be ready and even enthusiastic to take risks, as that’s the only way you’ll accomplish the changes the industry needs.
Great, so let’s talk business. Can you tell our readers more about what you do and what you think sets you apart from others?
Lüt is a modern payments company focused on building faster, safer and more flexible payment solutions for both traditional and emerging industries. We combine traditional card processing, real-time payments and a secure closed-loop mobile system to create a more modern ecosystem for businesses and consumers.
What really sets us apart is the technology. Lüt is built on proprietary payment rails, the first new rails developed in decades, which allows us to move beyond many of the limitations of legacy payment systems and better serve high-risk and emerging industries. Think peptides, cannabis, franchises and online gaming, these often struggle to get banking and payment support from mainstream operators. We’ve also focused heavily on compliance, reliability and user experience, so businesses can operate more efficiently while giving consumers a better payment experience through faster settlements and rewards-driven engagement.
That said, the thing I’m most proud of is our team. We’ve assembled an incredible group of people from very different backgrounds across banking, payments and technology, and they’ve stayed committed to the mission to innovate from day one. In an industry that can often feel extremely competitive, we’ve built a culture centered around collaboration, innovation and trust. That’s something I value deeply.
If you had to, what characteristic of yours would you give the most credit to?
I read pretty broadly, but one book that has stood out to me recently is 12 Rules for Life by Jordan Peterson. I mention this, because a lot of it focuses on accountability, discipline and human nature, which are themes that resonate in leadership and entrepreneurship. I also enjoy listening to interviews and conversations with Elon Musk because I’m fascinated by people who push industries forward through innovation and long-term thinking.
However, one of the biggest personal influences on me has been Dave Maccagnone. He is a Michigan native and one of the founding investors at Lüt. Dave came from very humble beginnings and went on to build a highly successful bond trading firm from the ground up. He’s also a Marine veteran, and over the years I’ve spent countless hours talking with him about leadership, business and resilience. His perspective, wisdom and work ethic have had a lasting impact on me, both professionally and personally. I’ve always admired the way he approached challenges with humility and determination, and as a fellow Michigan guy, there’s an authenticity and grit there that really resonates with me.
Contact Info:
- Website: https://www.mylut.com/
- LinkedIn: https://www.linkedin.com/company/l%C3%BCt
