Estonia's LHV to open UK bank to serve fintech industry

Estonia's LHV to open UK bank to serve fintech industry

Estonia's LHV Bank is swimming against the Brexit tide by setting up shop in the UK to service the country's thriving fintech market.

The bank - which already provides payment services to the likes of Transferwise and Coinbase - is to open a UK branch from which to engage with London's burgeoning fintech industry. The market entry will see it join with the UK's major payment schemes and provide financial intermediaries with a real-time euros and sterling payments service.

LHV UK is currently recruiting and intends to be in a position to start servicing new financial intermediaries by H2 2018. Banking services on offer will include real-time payments, overdraft facilities, and forex.

Andres Kitter, manager of the LHV Bank UK Branch, comments: "We have become a partner to many new generation fintechs and serve as a link between them and existing banking infrastructure. Against the backdrop of Brexit, many banks are thinking about withdrawing from London, but we are eager to swim against the current. London is without doubt one of the most important financial centres in the world where fintech companies around Europe and the world have gathered.

"As many international banks look down in bewilderment at new financial intermediaries and often do not bother to look closely into their businesses and the huge benefits they offer, we at LHV welcome new ideas, promote open banking and work closely with fintechs to turn their innovative ideas into reality."

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