Why a Growing Bank Is Betting on Leeds’ Fintech Strength

The strength of the Leeds fintech scene has drawn another vote of confidence, as digital bank LHV moves to larger premises in the city to support its growth.

The bank has relocated to bigger offices at Wellington Place, the city-centre district dubbed the ‘Northern Square Mile’, citing access to technical talent and its commitment to Leeds as reasons for expanding there rather than elsewhere. The move adds to a cluster of financial and technology firms in the area, and reflects the city’s growing reputation as a place for fintech businesses to base and grow their UK operations.

What LHV’s Move Says About Leeds Fintech

LHV, which also has offices in the City of London and Manchester, said it chose to expand in Leeds for its skilled workforce, its strong university base and the city’s status as a growing centre for financial technology. Its new home at Wellington Place puts it alongside major names including Lloyds Banking Group, Rathbones and Equifax. No figures for the size of the new office, the investment or new jobs were disclosed, so the move is best read as a growth signal rather than a quantified expansion. The bank has had a strong run lately, winning the British Bank Awards’ Best Newcomer accolade and appearing on The Sunday Times’ Best Places to Work list for a third year.

“Leeds is fast emerging as one of the UK’s most exciting growth cities. Choosing to expand here rather than move elsewhere was an easy decision.”

Kris Brewster, Interim CEO, LHV Bank

A Nationally Significant Cluster

The city’s fintech credentials are substantial and independently recognised. West Yorkshire is home to more than 100 fintech firms, and the Leeds City Region’s fintech sector contributes around £700m a year to the regional economy, according to research by Whitecap Consulting. Leeds is also the home of FinTech North, the UK’s first regional fintech hub, which marked its tenth anniversary this year, and the sector was singled out in the government-commissioned Kalifa Review as one of the country’s leading clusters. The city hosts the northern base of the Financial Conduct Authority, along with a Bank of England presence and all three of the UK’s credit reference agencies. For the Leeds fintech sector, another established name deepening its roots is exactly the momentum the city has been building towards.