Banking giant BBVA acquires Finnish startup Holvi

Seeking to expand its portfolio of digital businesses and contribute upon the Group’s overall transformation process, the international banking giant BBVA announced the acquisition of the fin-tech startup Holvi.

Holvi is a Helsinki-based startup company offering business services to freelancers, entrepreneurs and SMEs through an online banking system platform. Features of the platform include managing current account and Debit Card, easy invoicing, and financial reporting. The company has already received  investments in 2011 and 2013, the latest being the one from Speedinvest in 2014.

In-depth details about the acquisition are not yet disclosed, however, both BBVA and Holvi have already shared their enthusiasm for joining forces.

Claiming to “share a vision about the benefit of technology for the customer” on the same level with Holvi, the BBVA Chief development officer at New Digital Businesses, Teppo Paavola, expressed his excitement about their new endeavor. According to the announcement of the bank, acquisitions and investments play great role in gaining digital expertise that help successfully deliver their plans. Previous similar acquisitions include Spring Studios, Madiva Soluciones, Simple.

On this matter, Holvi CEO, Johan Lorenzen, referred to BBVA as “a bank with the understanding of the digital world to give us the necessary room to grow, and then the scale and expertise to underpin that growth with sound foundations.” Announcing the big news in their blog, Holvi explained their headquarters will remain to be in Helsinki and they will continue to be Holvi, keeping their Nordic roots as an integral part of the company.