back Back

LHV UK starts issuing SME loans after FCA enrollment

By Gloria Methri

December 20, 2022

  • FCA
  • FinTech
  • LHV UK
Share

LHV UKLHV UK Limited, a subsidiary of AS LHV Group, has been registered in the Financial Conduct Authority’s financial services register, enabling it to start issuing SME loans in the United Kingdom.

In October, LHV UK acquired the SME lending business of Bank North, including its £17.9 million loan book, 20 sales, and support staff. Since the acquisition, LHV UK has only been able to serve the existing customers. Now, the company’s enrollment in the financial services register enables it to immediately start issuing commercial real estate-backed loans starting from £500,000.

The team, based in Manchester, forms LHV UK’s SME lending business and will maintain its regional approach and commit to further developing relationships with local commercial brokers. In addition to the Manchester office, which will serve the North, the company plans to start issuing loans in the South east from its London headquarters.

LHV UK says it uses technology to streamline and approve loans to local businesses faster than its competitors. The firm has ready access to capital and funding, which is essential when running a loan business.

Madis Toomsalu, Chairman of LHV UK, said, “Lending to enterprises has been the core business area of our parent company, where it enjoyed 14 years of consecutive growth. There is a strong proven demand for SME loans, and we are confident that by leveraging our considerable experience and readily available capital, LHV UK can quickly establish and grow a strong lending business. Our strengths are technology-powered faster lending process and loan managers with long-term experience who understand the needs of local entrepreneurs.”

LHV UK’s current primary focus is obtaining a full banking licence in the United Kingdom. The application was submitted in March 2022 and is subject to regulatory approval by the Prudential Regulatory Authority and the FCA.

Previous Article

December 20, 2022

Cashfree Payments to offer India’s widest BNPL suite

Read More
Next Article

December 20, 2022

A new Ethiopian Bank chooses Intellect Global Consumer Banking to power its banking

Read More








IBSi Daily News Analysis

Generative AI

April 12, 2024

FCA

Security experts sound the alarm on Deepfake threats in the age of AI

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

April 12, 2024

Navy Federal Credit Union expands partnership with Backbase

Read More

April 11, 2024

FinTech Optasia secures PFTSP license by the Bank of Ghana

Read More

April 11, 2024

Experian set to acquire illion in Australia and New Zealand

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
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 2023