News and resources on payments systems, innovations and initiatives worldwide.
Estonia's LHV preps UK bank for fintechs

Estonia's LHV preps UK bank for fintechs

Estonia's LHV Group is gearing up to apply for a UK licence for a standalone bank serving the fintech market.

LVH opened a UK branch in 2018, providing payment services to the fintech community, including the likes of Transferwise and Coinbase.

Now the firm plans to make a split between its retail client-serving bank in Estonia and the UK business.

LVH UK has been registered as a private limited company and will "shortly" start the process of applying for a banking (credit institution) licence.

LHV UK has appointed Madis Toomsalu (chairman), Erki Kilu, and Andres Kitter to the board of directors. Kilu will also serve as CEO.

Says Kilu: "We’ve had incredible success in the UK since we set up shop here three years ago. Our client base has quadrupled and our expanding portfolio of services has made us a preferred banking partner for the global fintech community.

"The decision to found a new fintech focussed bank was taken to ensure that we can continue offering the best possible service for our clients in the long term."

Comments: (1)

A Finextra member
A Finextra member 05 February, 2021, 20:59Be the first to give this comment the thumbs up 0 likes

Great news.