LHV UK (or the ‘Company’), a banking services provider to over 200 fintech and crypto companies, has announced that Single.Earth, an EQT-backed startup tokenising nature, chose LHV UK as its banking partner to gain access to real-time EUR payments and other banking services.
LHV UK processes eight per cent of the total Single Euro Payments Area (‘SEPA’) Instant transactions in Europe. The scheme processes the payments in seconds, regardless of the time or day throughout the year. In addition to SEPA and SEPA Instant payments, LHV UK processes various card schemes for Single.Earth and provides the startup with safeguarding accounts, which separate client funds from the company’s operational funds, and operational accounts, which are designed to hold businesses’ operating funds.
Single.Earth is a fintech company focused on improving the shortcomings of today’s carbon credits industry. The company highlights how current net-zero policies still have a detrimental impact on biodiversity. To help save nature and rapidly slow down deforestation on a global scale, Single.Earth’s solution is to make carbon removal and biodiversity tradeable. It aims to make saving forests as profitable as cutting them down – landowners are awarded one tradable and nature-backed MERIT token for every 100kg of CO2 captured by their forests, wetlands or other natural resources.
Single.Earth starts the sale of its MERIT tokens on 1 September for individuals registered on the waitlist, and the general public will gain access to the blockchain-based currency at the end of the month. LHV UK will facilitate the sale of the MERIT tokens by providing access to its payment infrastructure and services.
LHV UK aims to become a one-stop-shop for all banking needs of its fintech customers. In addition to account services and EUR payments, the Company offers real-time GBP payments, agency banking, virtual IBANs, multicurrency accounts, and FX, amongst others.
Merit Valdsalu, CEO and co-founder of Single.Earth, said: “As a rapidly moving startup, we’re happy to partner with innovation embracing bank like LHV UK. We’re excited to continue exploring new ways how we can work together to protect the natural world around us.”
Andres Kitter, Deputy CEO of LHV UK, said: “Single.Earth is a pioneering fintech company aiming to make nature protection profitable for small landowners. We’re thrilled to be working with them and provide full support for their banking services so they can focus on their fight against climate change and biodiversity loss.”