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LHV UK has acquired the small business lending business of a regional lender based in Manchester. banknorth The deal included 17.9m of financing, of which LHV UK was only able to serve existing customers. As part of the deal, 20 sales and support staff were also acquired, as well as a cooperation agreement with a major loan broker.
LHV UK’s entry into the FCA Register allows LHV UK to immediately start issuing commercial mortgage loans starting at 500,000.
The Manchester-based team formed LHV UK’s SME lending business. The team plans to maintain a regional approach and develop relationships with local commercial brokers.
The company’s Manchester office serves the North of England. LHV UK will also begin issuing loans in the South East through its existing London headquarters.
Madis Thomsar, the chairman of LHV UK, commented on the news. he said:
There is strong demand for SME financing and we are confident that by leveraging our extensive experience and readily available capital, LHV UK will be able to quickly establish and grow a strong lending business. .
Our strengths are technology-enabled, rapid loan processes and long-term experienced loan managers who understand the needs of local entrepreneurs.
The banking service provider said it was now working towards obtaining a full UK banking license. prudential regulator and FCA.
LHV UK has also appointed a risk and data science consultant. Jay Wing Help create a cloud-based data infrastructure. Overall, the move was made to support the application for a UK banking license.
Jaywing is tasked with establishing a data infrastructure and reporting suite in line with UK regulatory standards. The consultant also aims to optimize LHV UK’s AWS-based data infrastructure for regulatory reporting.
Russell Fogg, LHV UK Chief Information Officer explained the decision. he said: Jaywing provided a better solution. A flexible team of data engineers, DevOps, and regulatory experts with the right skills to meet ambitious deadlines. We are happy to work with a consultancy firm and support other UK fintech companies in the process.
Inderjit MundoJaywing’s Director of Data Management Practice also commented. Mr Mund said: He is delighted to not only work with LHV UK’s ambitious team, but to provide them with the data his infrastructure they need to succeed in the UK.
