LHV Bank, a fully regulated bank in the UK, says the business transfer from its Estonian affiliate to the UK is now completed. LHV received its banking license in May 2023.
LHV specialises in providing services for global Fintechs and SME Lending solutions for UK businesses. The SME Lending division offers commercial real estate investment loans and trading loans from £0.5m to £5m to small and medium-sized businesses in the UK.
LHV Bank also offers real-time payments in multiple currencies, accounts and more. The company reports that over 200 Fintechs are utilizing its services to cater to more than 10 million end customers.
According to a note from the bank, LHV’s GBP payment services have been moved to the new bank
At the same time, LHV Bank says it has implemented a new cloud-based core banking system and has migrated the customer data from the Estonian core banking system to the new LHV Bank system in the UK.
Erki Kilu, CEO of LHV Bank, commented on the transition:
“The preparation for this business transfer has spanned over a year and a half. The whole project has been sizable, both legally and technically. During this period, we have built a completely new banking software, culminating in what is arguably the most state-of-the-art banking system, giving us a technological advantage for the foreseeable future. Today, our clients, along with their data, have been successfully transitioned to this new system.”
He added that they have partnered with Tuum for the core banking system as well as Salesforce for customer management.
LHV Bank connects over 200 global Banking Services clients with the traditional banking world. Through LHV Bank’s robust BaaS offering, these clients serve over ten million customers, accessing a potential clientele of 500 million across the UK and Europe.
