LHV UK received a UK banking license one year after applying.
LHV Bank, as it is now known, is the UK arm of the Estonian financial services giant AS LHV Pank, but will now operate as a standalone bank.
The bank will start accepting retail customer deposits later in 2023 when it transitions from the temporary permit regime as a branch of an Estonian bank.
LHV has been operating in the UK since 2018 and says it works with over 200 fintech companies including Airwallex, Currencycloud, Truelayer and Wise.
It is a member of all major UK and EU payment schemes, allowing it to provide real-time multi-currency cloud payments as well as broader banking infrastructure services such as checking and savings accounts, acquiring, indirect scheme access, open banking and FX services.
“In addition to our existing banking and SME lending services, we plan to begin accepting retail deposits later this year and expand our banking services to offer e-commerce businesses while maintaining the same level of convenience, reliability and security that our existing clients receive. ”, said Erki Kilu, CEO of LHV Pank.
LHV Bank, which has a team of 130 employees and offices in London, Leeds, Manchester and Tallinn, says it will reach profitability by the end of its first year as a bank.