As an innovative bank that’s dedicated to boosting the fintech sector, LHV is a very welcome member to Latitude59’s family of partners and sponsors. What have they been up to and what’s in the plans? Read on and step into LHV’s breezy outdoors lounge at Latitude59 2023 to find out!
What does it mean to foster innovation in the fintech sector?
At LHV Bank, it’s our unwavering belief in the transformative power of technology and its central role in future of financial services. We operate solely in the digital realm but don’t identify as a challenger bank. Instead, we take pride in being a preferred partner to over 200 fintech companies, enabling access to banking services and fostering their success in the rapidly evolving market.
LHV’s dedication to supporting startups, particularly in the fintech realm, began when Wise (known as Transferwise at the time) approached us in 2011. They were looking for a banking partner to execute its euro payments and whilst most banks would perceive a fintech as a rival, we saw an opportunity for symbiotic growth, and Wise became our first banking services client.
Estonia has a strong presence in the tech startup scene, but London is the undisputed fintech capital of Europe. Even amidst Brexit uncertainties, we saw an opportunity, not a barrier. After more and more fintech startups in need of access to payments and banking services were approaching us, we decided to expand our new business line – so in 2018, we established LHV Pank’s UK branch in London.
In a span of five years, our UK branch saw remarkable growth. Last year, we executed more than 25 million transactions valued at over €100 billion. Bridging the gap between traditional banking and innovative financial services, LHV offers best-in-class cloud-native payments and banking infrastructure.
Recognising the long-term potential in the UK, we applied for a UK banking license in March 2022. Navigating the process efficiently, we received a UK banking license without restrictions from the UK’s Prudential Regulatory Authority in just over a year in early May 2023. This significant milestone is a testament to the professional operation we’ve built and demonstrates our commitment to regulatory compliance and high standards.
As members of all significant UK and EU payment schemes, our extensive offerings include real-time EUR and GBP payments, corporate and safeguarding accounts, acquiring, indirect scheme access, open banking, and FX solutions. Renowned fintechs like Airwallex, Currencycloud, Truelayer, and Wise use LHV’s services to reach over 10 million end customers and tap into a potential customer pool of 500 million across the UK and Europe.
Over the past decade, we’ve evolved alongside startups that are now leading players in the fintech space. We’re passionate about detail, focusing on making small but continuous improvements that collectively add significant value to our clients. Their growth stories are intertwined with ours, as we’ve consistently added services and functionality to support their growth.
“We’re passionate about detail, focusing on making small but continuous improvements that collectively add significant value to our clients.”
This dedication and drive to support the fintech space will be a key focus of our continued involvement in the fintech space. We’re always keen to connect with more innovators at the upcoming Latitude59 conference – so get in touch if you’d want to start a conversation.
