Banking as a service provider LHV UK has raised £30m to fund the creation of a new British bank.

It is LHV’s latest step towards creating a new bank, with the company submitting its UK banking licence application in February this year. The company is undergoing a restructuring to separate its retail bank division, LHV Bank, from the fintech-focused LHV UK. The company said the move will “simplify compliance with regulatory and supervisory requirements”. LHV said the fundraise attracted capital from both existing and new investors, and was oversubscribed by 1.75 times.“The funds raised are a key step in the UK banking licence application process,” said Erki Kilu, CEO of LHV UK.

Lhv Raises £30M In Push For Uk Banking Licence

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Lhv Raises £30M In Push For Uk Banking Licence

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