LHV, the fintech focused bank and payment services provider, is pleased to welcome London-based money transfer company TransferGo as its newest client. LHV will provide TransferGo, which is one of the world’s fastest growing money transfer companies, with payment infrastructure, providing access to real time Euro and Sterling payments via Single Euro Payment Area (‘SEPA’) Instant and Faster Payments schemes respectively.
Founded in 2012, London based TransferGo is the only Pan-European money transfer company that can guarantee customers’ funds will reach their destination in 30 minutes, and is favoured by migrants who send money home to their families but don’t want to deal with the bureaucracy and fees imposed by banks for processing payments in other countries and currencies.
LHV is now serving well over 100 clients, ranging from startups to unicorns with global reach. Thanks to LHV’s unique approach - the bank views fintechs as allies and often works with them to come up with custom made solutions to their needs – it has an increasing number of companies in the pipeline, waiting to undergo their thorough vetting process. Most of their clients fall under the following categories: money remittance, neobanks, FX broker/remittance, PSPs and cryptocurrency players.
Andres Kitter, Head of LHV’s UK Operations, said, “Adding an established and rapidly growing fintech business such as TransferGo to our client list is testament to the full service payment offering LHV provides. The relationship with TransferGo has the potential to be a symbiotic one for both parties - translating into increased transaction volumes for LHV, while TransferGo gains a considerable advantage over its competitors by securing access to both instant Euro and Pound payments.”
TransferGo CEO and co-founder, Daumantas Dvilinskas, said, “As an established player in the payment infrastructure industry, LHV is a one-stop-shop, being able to provide Euro and Pound payments, thereby satisfying the majority of our European currency transfer needs. This partnership is another step in realising our vision to make international financial services pain-free and without artificial borders.”
Notes on LHV
LHV is a preferred banking partner amongst fintechs. The Company established a presence in London in 2018 to expand its existing business line of servicing financial intermediaries. It chose London given its status as the undisputed capital of fintech in Europe.
LHV offers several innovative financial services to its clients, including Virtual International Bank Account Numbers (‘IBAN’), Single Euro Payment Area (‘SEPA’) Payments and Faster Payments, enabling real-time Euro and Sterling payments to financial intermediaries.
LHV views fintechs as allies – not competition. The bank has integrated services offered by start-ups to its online banking, enhancing the offering to its own retail clients. LHV is extremely agile and ready to embrace change; notably, the board views the bank more as a technology company than a financial institution.
Most of LHV’s clients fall under the following categories: money remittance, neobanks/challenger banks, FX broker/remittance, PSPs and cryptocurrency players.All news