Digital banking expert Holvi sets its sights on UK market

Maria Nikolova

The business aims to use its innovative digital book-keeping tools to support its continued growth by adding UK businesses to its existing customer base.

Holvi, a digital banking specialist for self-employed business owners, has announced it is expanding into its third core market – the United Kingdom.

The launch will see Holvi expand its European presence to the UK, adding it to its other core markets of Germany and Finland and further operating countries like Ireland, Belgium, France, Italy and the Netherlands.

The business aims use its innovative digital book-keeping tools to support its continued growth by adding UK businesses to its existing customer base.

Headquartered in Helsinki, Finland, and acquired by BBVA in 2016, Holvi seeks to create financial efficiency for sole traders and freelancers by saving them time and helping them to succeed with a service that is as simple as possible. It does this by removing both friction – such as manually inputting receipt entries on laborious expense spreadsheets – and jargon and complicated calculations required for tax and invoice management.

The all-in-one payment account comes with a business Mastercard and helps users to stay on top of the ins and outs of their finances at speed. It is equipped with operational tools that allow the business owner to set up their account entirely digitally, take snapshots of expense receipts, send professional invoices easily, categorise their expenses for bookkeeping and gain real-time business insights – all in one place, all online with no paperwork.

Regarding the UK market, the company refers to the latest figures from the UK Department for Business, Energy & Industrial Strategy showing that 76% of SMEs have no employees, which means a significant proportion of individuals are running their businesses completely solo. Holvi’s ambition is to actively support as many of those as possible.

Holvi is able to advise small business owners on all aspects of running their business, from setting up a company, through to tips on how to grow, manage cash flow and hire great people.

Holvi was co-founded in 2011 by entrepreneurs Tuomas Toivonen and Mikko Teerenhovi. It was acquired by BBVA in 2016 and is authorised to operate across the European Economic Area (EEA) under the Payment Services Directive by the Finnish Financial Supervisory Authority (FSA).

Read this next

Retail FX

Italian watchdog red flags Olympus Brokers, UnicoFX and Allfina Group

Italy’s Commissione Nazionale per le Società e la Borsa (CONSOB) has shut down new websites in an ongoing clampdown against firms it accuses of illegally promoting investment products in the country.

Retail FX

XTB revenues hits zł1.45 billion in 2022, Q4 earnings disappoint

Poland-based Forex and CFDs broker, XTB has reported its final results for Q4 of 2022 and the full fiscal year ending on December 31, 2022, showing one of its most successful corporate years.

Executive Moves

Lirunex Limited recruits Waleed Salah as head of MENA sales

Maldives-based brokerage firm Lirunex Limited has secured the services of Waleed Salah, who joined the company in the role of its head of sales for the MENA region.

Executive Moves

Trading 212 parts ways with co-founder Borislav Nedialkov

Trading 212 has a void to fill at its FCA-regulated business in London, following the departure of two key players, Raj Somal and Borislav Nedialkov.

Digital Assets

Binance acquires troubled crypto exchange GOPAX

Binance, the world’s largest digital asset trading platform, has reportedly acquired a majority stake in the troubled South Korea-based cryptocurrency exchange GOPAX.

Digital Assets

Kraken exits Middle East, closes UAE office

Digital currency exchange Kraken will close down its operations in Abu Dhabi, UAE and lay off the majority of its team focused on the Middle East and North Africa.

Industry News

CFTC comments on ION Cleared Derivatives issues after Russian-linked hack

“The ongoing issue is impacting some clearing members’ ability to provide the CFTC with timely and accurate data. As this incident unfolded, it became clear that the submission of data that is required by registrants will be delayed until the trading issues are resolved.”

Industry News

FCA took down 14 times more misleading ads in 2022 thanks to technology

The FCA has made significant improvements to the digital tools it uses to find problem firms and misleading adverts. These improvements have enabled it to work through a much larger number of cases compared with 2021.

Executive Moves

HKEX appoints ex-Goldman Sachs Matthew Cheong to lead platform’s focus on derivatives

“He has worked for a number of the world’s leading investment banks and his experience will be invaluable to HKEX as we continue to enhance our derivatives product offerings and build on our innovative and robust platform business, connecting capital with opportunities.”

<