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LHV UK secures €35 million to fund new UK bank

LHV UK secures €35 million to fund new UK bank

LHV UK has secured €35 million in funding to capitalise its new UK banking operation, which is currently pending approval from the Prudential Regulatory Authority.

The funds comes from an issue of new ordinary shares from parent company LHV Group.

LHV UK is pursuing a UK banking licence as part of plans to separate the business operations of its retail bank, LHV Bank, from those of the London headquartered fintech focused LHV UK.

LHV UK provides banking services to crypto and fintech companies, such as Paysafe, Blockchain, Currencyclud, Coinbase, Trustly, Monese and Wise.

Erki Kilu, CEO of LHV UK, comments: “The funds raised are a key step in the UK banking licence application process. In tandem with this ongoing process, we continue to scale up LHV UK’s operations. We’re currently hiring vigorously for our open positions across London, Leeds and Tallinn and continue to develop new client-facing products.“

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