back Back

LHV granted UK Banking Licence from the PRA

By Gloria Methri

May 03, 2023

  • BaaS
  • Banking Licence
  • Banking-as-a-Service
Share

LHV Bank, UK, FinTech, Banking as a Service, BaaS, Prudential Regulation Authority, Banking License, Financial Conduct Authority, Estonia, SME LendingLHV Bank, the provider of banking services and SME lending solutions has been authorised as a credit institution by the Prudential Regulation Authority (PRA).

LHV Bank can now accept customer deposits and transition from being a branch of the Estonian retail bank, to a fully authorised and regulated bank by the PRA and the Financial Conduct Authority (FCA).

LHV decided to pursue a UK banking licence in 2021 and submitted its application in March 2022. Following a close collaboration with the PRA and the FCA, the bank secured the licence in just over a year

Madis Toomsalu, Chairman of LHV Bank, said, “Receiving the licence without restrictions in just over a year since submitting our application validates the exceptional work of our team and the professional operation we’ve built. We expect LHV Bank to achieve profitability by the end of our first year of operations. Our ability to generate additional capital internally positions us strongly for further growth in the dynamic UK banking market.”

Erki Kilu, the CEO of LHV Bank, added, “In addition to our existing Banking Services and SME Lending activities, we plan to start accepting retail deposits later this year and expand our banking solutions offering to e-commerce businesses, maintaining the same level of convenience, reliability, and security that our existing clients have come to expect.”

LHV Bank connects the traditional banking sector with financial services, delivering cloud-native payments and banking infrastructure. Operating in the UK since 2018, LHV is a member of all major UK and EU payment schemes.

Its extensive offering includes real-time multi-currency payments, current and savings accounts, acquiring, indirect scheme access, open banking, and FX solutions. LHV’s services are used by over 200 FinTechs including Airwallex, Currencycloud, Truelayer, and Wise.

Previous Article

May 03, 2023

Loughborough Building Society taps Finastra to boost growth in the UK

Read More
Next Article

May 04, 2023

Vested Finance launches Extended Hours trading for investors

Read More






IBSi Daily News Analysis

cloud,

July 19, 2024

BaaS

SMEs leverage cloud to gain competitive edge, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

UK Open Banking marks 10 million user milestone

Read More

Today

4 FinTech platforms emerging in India’s expanding BNPL ecosystem

Read More

Today

Cash Plus goes live with Profile Software’s Finuevo Suite

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2024