Fintech focused bank chooses Yorkshire for its second UK base

Credit: Jordan Baird

LHV, a banking services provider to over 200 fintech and crypto companies, has confirmed the official opening of its second UK office – in Leeds.

The company’s engineering and development teams, who will be tasked with building a proprietary online customer portal tailored for the firm’s B2B fintech clients, will be based in the Leeds office.

LHV says it chose Leeds as its second UK office location because of the city’s wellestablished fintech ecosystem and the wider region’s skilled workforce.

In addition, LHV UK is pursuing a UK banking licence as part of parent LHV Group’s plans to separate the business operations of its retail bank, LHV Bank, from those of the London-headquartered fintech focused LHV UK.

Credit: Jordan Baird

This will allow better compliance with regulatory and supervisory requirements and enable LHV UK to highlight its value proposition and the profitability of its operations to new investors.

As the complete separation will also include staffing and technology, management decided to establish a strong presence in Leeds.

The Leeds office has enough capacity for 30 desks, with options to scale up its presence in the Wellington Place business hub if required.

Macs Dickinson, lead engineering manager at LHV UK, said: If London is the undisputed fintech capital of Europe, then Leeds is the fintech capital of the North.

“Last year, Leeds was named one of the fastestgrowing tech cities according to Digital Economy Council, and the city is already home to more than 30 national and international banks.

“As the city is a location for the first fintech accelerator outside of London, it is an ideal second base for LHV UK.

Rebecca Wright, chief people officer of LHV UK, said: I’m thrilled to be helping a highly specialised international fintech focused bank establish a base and build a team in my home county.

Credit: Jordan Baird

“Thanks to LHV UK being wholly owned by the established LHV Group, successful candidates can look forward to the prospect of joining an entirely new team that will work on an entirely new product without the risk of joining a start-up.

The pandemic has changed how people work. Together with LHV UK’s flexible approach, I view the office as a facilitator for collaboration. By establishing a regional base, LHV UK has expanded the talent pool for potential hires.

Erki Kilu, CEO, added: Opening an office in Leeds signifies a longterm commitment from us  our office is scalable and the leading universities in Leeds produce a plethora of highly skilled new graduates yearly.

“Whilst we are confident our Londonbased operations will continue to do well, we are also aware there are growing fintech ecosystems across the country and we’re keen to invest in the regional development of the fintech space.”