LHV Bank, a provider of banking services to global fintechs and SME lending solutions to UK businesses, announces the appointment of Rachelle Frewer “as its incoming Chief Financial Officer.”
Subject to regulatory approval, Rachelle will “start her position on 2 January 2024 and will also join the Board of Directors of LHV Bank.”
Rachelle, an accomplished finance professional “with over two decades of industry experience, joins from Moneycorp Bank, an internationally acclaimed currency exchange company, where she has served as the CFO and Board Member since June 2022.”
Before joining Moneycorp, Rachelle worked “as a CFO at Wyelands Bank.”
As an ACA-qualified and KPMG-trained accountant, Rachelle brings “a wealth of experience from her time at various financial institutions, including C. Hoare & Co., Lloyds Banking Group and HSBC.”
Her areas of expertise “encompass strategic planning and analysis, finance, treasury, operations, investor relations, and compliance.” Rachelle is also “a member of the Finance, Assurance and Risk Committee at The Institute of Civil Engineers and a Board member of Paxton Management Company Limited.”
Erki Kilu, CEO of LHV Bank, comments:
“Rachelle will drive our financial strategy to support our business expansion, particularly as we increase our SME lending activities and prepare to start accepting retail deposits.”
Having secured a UK banking license in early May 2023, LHV Bank intends to broaden its customer base, “with plans to accept retail deposits later this year.”
The bank is fully capitalised, “ensuring the customer deposits are protected by the FSCS up to a limit of £85,000.”
The bank’s current CFO, Gary Sher, will “step down on 8 September 2023.”
Gary joined LHV Bank in July 2021 “during the initial phase of the banking license process.”
His departure was announced in early June 2023.
As noted in the update, LHV Bank, “a fully licensed UK bank, specializes in Banking Services for global fintechs and SME Lending solutions for UK businesses.”
The SME Lending division “offers commercial real estate investment loans and trading loans from £0.5m to small and medium-sized businesses in the UK.”
As a Banking Services provider, LHV Bank delivers “a wide range of services, including real-time multi-currency payments, accounts, acquiring, indirect scheme access, open banking, and FX solutions.”
Over 200 renowned fintech companies “utilize LHV Bank to serve more than 10 million end customers and to access a pool of 500 million potential customers across the UK and Europe.”
LHV Bank has “gained its UK banking licence in May 2023 and intends to expand its offerings to e-commerce businesses and start accepting retail deposits later this year.”
