Railsbank, a leading UK-based open-banking and regtech platform, announces that LHV Bank, an Estonian full-service bank, has joined its partner network.
The partnership centres around LHV Bank’s UK branch which was opened in London earlier this year to service fintechs and financial intermediaries. LHV, with its strong focus on technology, helps extend the reach of the Railsbank platform and complements Railsbank’s existing Partner Bank network, allowing Railsbank to serve a wider range of businesses. Furthermore, the Railsbank Compliance Firewall will support LHV’s Risk and Compliance teams, allowing them to proactively manage customers using LHV through Railsbank.
Brad van Leeuwen, Head of Partnerships at Railsbank, said: “We are proud to be one of the first customers of their new UK branch. Our partnership with LHV and The Railsbank Compliance firewall will help LHV serve more customers and manage risk in a scalable way.”
Andres Kitter, Head of LHV UK Branch, added: “We are thrilled by the potential of this new partnership which we believe will be greatly beneficial to both parties. One of our key principles at LHV is that in the new era of open banking a close co-operation between service providers is of paramount importance. Working with Railsbank we can clearly see how customers of each service can directly benefit from this symbiotic relationship, especially in areas like compliance and technological innovation that continue to command the spotlight in the banking sector.
Nigel Verdon, CEO of Railsbank said: “It is great to welcome LHV Bank on board to our platform. It was especially pleasing to see them open a London branch earlier this year, demonstrating their commitment to growth via innovative banking services. We look forward to a long working relationship with them.”
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Founded by serial entrepreneurs and FinTech veterans Nigel Verdon and Clive Mitchell, Railsbank is a global banking and compliance platform that gives companies access to wholesale banking services in 5 lines of code. Railsbank turbo-charges the scaling of businesses by massively reducing the time and complexity of opening bank accounts, streamlining technical integration with banks, enhancing banking functionality with core Railsbank services; and enabling both parties to have a trusted compliance relationship. Awarded the FinTech50 2017, winners of the Simmons & Simmons FinTech Fund in 2016 and Startup Pitch winners at Paris FinTech Forum 2017, Railsbank was also the “Startup-in-Residence” for the 2016 Startupbootcamp FinTech 2016 Cohort.
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About LHV Bank
LHV Bank is an Estonian-based financial services provider and a part of Estonia’s largest and fastest growing domestic financial group. The company operates as a commercial bank and provides a wide range of financial services. The banks’ UK branch was opened to develop the existing business line of servicing financial intermediaries, such as fintechs, payment providers, and lenders. LHV is an established payment partner for leading global fintechs.