LHV Tapped by Lightyear for Instant EUR Payments

LHV, a leading banking services provider to fintech and crypto companies, announced a partnership with Lightyear, the European investment platform founded by two early Wise employees.

LHV will provide Lightyear with real-time EUR payments and other banking services.
LHV is the founding member and leader in instant EUR payments, processing 8% of the total Single Euro Payments Area ('SEPA') INstant transactions in Europe.

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In addition to SEPA and SEPA Instant payments, LHV will offer Lightyear EUR safeguarding accounts, which separate client funds from the company's. LHV will also provide EU operational accounts, designed to hold businesses' operating funds, international SWIFT and payments in EEA currencies alongside virtual IBANs. This partnership powered the Lightyear's recent pan-European launch.

In July, Lightyear announced a $25M Series A round to power its expansion into 19 new European countries, thereby becoming the first neobroker to unlock most of Europe in one move. 

Andres Kitter, CEO of LHV UK, said: "Lightyear is democratising access investing to retail traders. By utilising Lightyear's commission-free investment platform, investors can bypass the traditional banks and web platforms, which charge high fees for stock trading."

Mihkel Aamer, Co-founder and CTO at Lightyear, said: "LHV is partnering with fintechs to innovate and build a better financial system for customers in Estonia and now across Europe. We share a similar approach to providing best-in-class customer experience — when it comes to payments and people's money, it's key to eliminate unnecessary delays & slow processing times. We're excited to join forces with LHV to bring real-time EUR payments to investors across Europe."

(Source: Finextra)