LHV UK Secures €35M as It Seeks UK Banking License

Fazzaco learned that LHV UK, a subsidiary of Estonian financial services company LHV Group, has secured €35 million to fund its new UK banking business - LHV Bank.

LHV UK is now seeking a UK banking license, which is part of its moves to spin off its retail bank operations.

“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, ” Erki Kilu, CEO of LHV UK, sated.

Currently, LHV UK delivers the banking infrastructure and payment services to more than 200 crypto firms and fintechs, including Coinbase, Wise, Paysafe, Blockchain, Currencyclud and Trustly.

Late last month, Fazzaco reported that LHV Group was set to establish a second UK office in Leeds​ to house its engineering and development teams. The team based at the new office will be focused on building a proprietary online customer portal specifically tailored for the company's 200 B2B fintech clients.