Our management

Tarmo Sild

Chief Executive Officer

Tarmo Sild graduated from the University of Tartu with a degree in law and holds a Master’s degree with distinction in Law from Vrije Universiteit Brussels. Prior to Iute, he was a founding partner of the law firm LEXTAL.

Allar Niinepuu

Chief Commercial Officer

Allar Niinepuu graduated from the Estonian Maritime Education Center in 1992 with a degree in ship mastery. Allar is a member of the Supervisory Board of Arco Vara AS and member of the Management Board of Alarmo Kapital, GEST Invest Grupp, Intelligent Robots and Kavass.

Kristel Kurvits

Chief Financial Officer

Kristel Kurvits holds a Master’s degree in Financial Management from the Estonian Business School. Before joining Iute in 2017, she was responsible for accounting for Ektornet Land Estonia OÜ (part of Swedbank Group) and financial reporting of Group companies.

Tarvo Rahumägi

Group Chief Risk Officer

Tarvo Rahumägi has a Master’s level in legal education and has also completed an MBA program at the Estonian Business School. Tarvo has 20 years of experience in management, leadership, strategic business development, and consultation with various international companies, mostly in the field of legal and financial services.

Mart Nael

Chief Technology Officer

Mart Nael has 18 years of experience in the field of technology. His former positions include CTO at Omniva and Bigbank, as well as Head of Operations at Swedbank and Telia. Mart is a graduate of the London Business School Executive Leadership programme and has studied Computer and Systems Engineering at Tallinn University of Technology.

Goksu Tugay

Chief Customer Experience Officer

Goksu Tugay Bilal graduated from Middle East Technical University with Management degree, and holds an MBA and MS MIS degree from University of Illinois at Chicago. She has over 20 years of experience in Customer Experience, CRM, and project management. Before Iute, she was in charge of the customer experience management at Hepsiburada-the largest e-commerce platform in Turkey and managed Customer Experience and CRM teams in one of the leading banks of Europe – Garanti BBVA.

Kadi Raudsepp

Chief Legal Officer

Kadi Raudsepp holds a Master’s degree in Law from the University of Tartu. Her wide experience in the legal field and financial services include both the public and private sectors, including leading the Legal department in an investment firm Admiral Markets and working in the Legal and Compliance department in international finance company Creditstar.

Our founders’ vision

The future of personal finance will be based on instants and installments. It’s no secret that, throughout history, writing on paper has served humankind well, enabling long-term, big value transactions to take place.

As a very abstract example, paper has been used to make states, print money, create mortgages, purchase horses, cars and another large items in individual life. However, humankind is moving away from paper transactions towards faster, shorter-term, incremental deals, along with the development of technology that enables it. Our consumption is split into smaller and smaller units. A thing or service can be measured, offered and consumed in minutes and sometimes, seconds. Full ownership is no longer a precondition to consumption. Qualities of services and things can be configured down to very fine detail while maintaining business scalability.

The subscription/pay-as-you-go economy will continue expand. We foresee a future in which it is common to spend a regular monthly income by splitting it between various regular, scheduled payments for goods and services that improve quality of life during the agreed timeframe. Some of these payments will be credit repayments. The trick is to make the installments very easy to execute, turning them into a seamless part of everyday life. Another trick is to make the flow of money as seamless, instant and natural, as is a conversation between two humans.

An extraordinary experience

Iute’s mission is to offer its customers extraordinary experience in the field of personal finance. Extraordinary means the fastest and most comfortable service. Customers can enjoy a wallet that offers an instant flow of money according to their wish, and they can access individual credit and split their consumption into installments. Finally, extraordinary means human interaction. We believe that robots and fintech solutions are good, but not the final answer to questions related to personal wellbeing. Nothing can replace the sincerity of a smile and the attention of another human being.

As a Group, we aim to serve millions of customers and that means that we constantly strive to attract the best talent, implement the latest technology, and develop the most cohesive organization — to bring out the best in each individual team member. Money is the outcome of the right actions. We as a team enjoy pursuing the right actions and overcoming the challenges before us.

Tarmo Sild & Allar Niinepuu

Markets

Iute currently serves customers in Moldova, Albania, North Macedonia, and Bulgaria via the MyIute and Iute brands, while we are expanding our services, geographies and brands ecosystem.
  • Population 2.8M
  • Working people 1.2M
  • GDP 17.2BN$

  • GDP per capita (PPP) 6,1K

  • Population 6.9M

  • Working people 3.7M

  • GDP 67.89BN$

  • GDP per capita (PPP) 10K

  • Population 2.6M

  • Working people 1.0M

  • GDP 11.9BN$

  • GDP per capita (PPP) 4,5k

  • Population 2.0M

  • Working people 0.9M

  • GDP 12.3BN$

  • GDP per capita (PPP) 5,9K

  • Population 1.2M

  • Working people 0.7M

  • GDP 47.44BN$

  • GDP per capita (PPP) 35,6K

The MyIute Ecosystem

Our group’s core loan products are unsecured installment loans and “buy now, pay later” loans with maturities between 1 month and 48 months and collateralized loans with maturities up to 72 months. These loans are provided via webshops, Iute’s website, the MyIute app, and a distributed network of branches, merchants, and partners.

Iute’s payment services vary from country to country between full-range solutions provided as a bank, and partial solutions subject to the license issued in any given country.

The Group operates its own ATM network that is accessible via the MyIute app.

Milestones