As LHV UK pursues a UK banking license, it has tapped the expertise of risk and datascience consultancy Jaywing. The consultancy will now work to create LHV UK’s cloud-based data infrastructure.
Founded in 1999, Jaywing’s team of risk and data science specialists now includes 50 professionals. A technology consultancy specialised in data science and intelligence, the firm has a strong focus on the financial services sector. The Sheffield-based company previously worked with some of the UK’s leading lenders, such as Starling Bank, Nationwide, and the Royal Bank of Scotland.
The latest engagement Jaywing has undertaken comes from LHV UK – a banking service provider to 200 fintech companies. LHV UK, a subsidiary of the largest domestic financial group and capital provider in Estonia, LHV Group. The firm’s clients include Paysafe, Blockchain, Currencycloud, Coinbase, Trustly, Monese and Wise, and it offers several innovative banking services, including instant EUR and GBP payments, agency banking, virtual IBANs, safeguarding accounts, multicurrency accounts, and FX.
Russell Fogg, Chief Information Officer, LHV UK, commented, “We were originally looking for two contract data engineers to help us develop our data infrastructure. Jaywingprovided a better solution – a flexible team of data engineers, DevOps and regulation experts with the right skills to meet our ambitious deadline. We are delighted to be working with the consultancy and support other UK fintech companies in the process.”
Throughout the banking new challenger banks and FinTechs are attacking business models, with newcomers rapidly making inroads into the sector’s profits by offering agile, digitalised alternatives. In retail banking, the disruption of challenger banks is visible across the value chain, from customer contact and lending to mortgages, payments and alternative financing. As LHV UK looks to get in on the action, it is seeking a full banking licence from British authorities.
The application was submitted in March 2022 and is subject to regulatory approval by the Prudential Regulatory Authority and the Financial Conduct Authority. Jaywingbenefits from over two decades of working with some of the UK’s leading lenders and new entrants to the market, including Virgin Money, Vanquis Bank, TSB, Close Brothers and Starling Bank – making it well suited to support LHV UK through its journey. Leveraging the consultancy’s experience in regulation and data management best practices, Jaywing will now work to establish a data infrastructure and reporting suite in line with UK regulatory standards and optimise LHV UK’s AWS-based data infrastructurefor regulatory reporting.
Inderjit Mund, Data Management Practice Director, Jaywing, added, “Jaywing’s dataengineering specialists are always thrilled to support organisations launching businesses in the UK. We are excited to work with the ambitious team at LHV UK and provide them with the data infrastructure they need to successfully operate in the UK.”
In mid-2022, Jaywing was also tapped by Oxford Economics to boost its financial services footprint. Oxford Economics is one of the world’s leading economic consultancies, with research used by more than 2,000 governments and organisations worldwide, including financial services institutions.