Estonia's LHV Group is gearing up to apply for a UK licence for a standalone bank serving the fintech market.
LVH opened a UK branch in 2018, providing payment services to the fintech community, including the likes of Transferwise and Coinbase.
Now the firm plans to make a split between its retail client-serving bank in Estonia and the UK business.
LVH UK has been registered as a private limited company and will "shortly" start the process of applying for a banking (credit institution) licence.
LHV UK has appointed Madis Toomsalu (chairman), Erki Kilu, and Andres Kitter to the board of directors. Kilu will also serve as CEO.
Says Kilu: "We’ve had incredible success in the UK since we set up shop here three years ago. Our client base has quadrupled and our expanding portfolio of services has made us a preferred banking partner for the global fintech community.
"The decision to found a new fintech focussed bank was taken to ensure that we can continue offering the best possible service for our clients in the long term."