Finnish fintech Holvi expands across five European markets

By Roger Baird on Thursday 16 May 2019

Digital Banking

The eight-year-old firm, owned by Spanish giant BBVA, said it has amassed 150,000 small business accounts.

Holvi will expand across five new European markets, after the digital small business accounts firm notched up 150,000 customers.

The Finnish fintech - which allows small firms to send invoices, categorise their expenses, and in some cases, integrates bookkeeping with accounting agencies - launches in Ireland, Italy, Belgium, France and the Netherlands.

The Helsinki-based firm, founded in 2011, already operates in Germany, Austria and Finland. It has grown its staff from 10 people to 100 over that time.

The business was bought by Spanish banking giant BBVA in 2016 for an undisclosed fee.

Holvi - which means 'vault' in Finnish - describes itself as the financial services firm for “everyday entrepreneurs” such as freelancers, gig-economy workers and small family-run businesses.

The firm said it grew by 60 per cent between 2017 and 2018, adding that its customer base outside Finland is already larger than its home market.

Holvi was founded by IT developers Tuomas Toivonen and Mikko Teerenhovi, and since 2017 has been led by chief executive Antti-Jussi Suominen (pictured).

Suominen said:  “2019 is set to be an exciting year for Holvi. Having become the leading business banking service for microentrepreneurs in our home market of Finland, and rapidly growing in Austria and Germany, we are setting our sights on the rest of Europe.”

Earlier this month, it was reported that UK digital business bank Atom Bank is preparing to launch a £50m fundraising, after 40 per cent shareholder BBVA decided against making a full-scale bid for the three-year-old start up.

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