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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. 

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