BBVA, the Spanish banking giant announced the acquisition of Holvi, the Finnish online only bank for entrepreneurs and SMBs.
BBVA is a 150-year old financial services corporation that operates in a number of markets, leading player in the Spanish market, as well as one of the top 15 banks in the US. This is not the first M&A for BBVA, they acquired the US banking startup Simple for $117 million in February 2014.
Holvi, which was founded in 2011, and describes its offering as Banking for Makers and Doers. Holvi has been built to solve the complex problem of managing finances in the modern world where people work together, sell online and manage multiple tasks simultaneously.
Holvi is a simple and efficient tool for managing any small company, event or project. Holvi builds a range of financial services for businesses, like online sales platform, invoicing platform and cashflow tracker.
The company has a license at Authorised Payment Institution and regulated by the Finnish Financial Supervisory Authority, raised just over $4 million from investors that included Seedcamp and Speedinvest, according to Crunchbase.
According to BBVA Holvi will remain a separate business.
