BBVA-backed Holvi acquired by Keru FinTech Investments

By Megha Bhattacharya

BBVA-owned Holvi, a digital banking service for the self-employed, has been acquired by Keru FinTech Investments Oy. Keru has acquired all Holvi shares from the Spanish banking group and is the new and sole owner of Holvi with immediate effect. The owner and founding shareholder of Keru is Tuomas Toivonen, one of Holvi’s founders. Antti-Jussi Suominen, the current CEO of the FinTech, will be stepping down from his role and hand over responsibilities to Toivonen, who will lead Holvi as CEO with immediate effect.

“This step marks the beginning of an exciting new chapter for Holvi and brings us closer to our entrepreneurial roots and our customers. With the knowledge we have gained from BBVA’s support over the past few years, and the commitment of our experienced team, we are well positioned to continue our mission of simplifying the working lives of the self-employed,” says Tuomas Toivonen, CEO of Holvi. “We will now focus all our efforts on improving and expanding our offering.”

Founded in 2011, Holvi is a digital payment account, combined with invoicing, expense management, streamlined bookkeeping and real time business insights – all in one place. It will continue its business in Finland, Germany and other European markets.

Last year, the company announced that it is withdrawing from the UK (on 31st October 2020). The FinTech cited the changing market conditions triggered by Brexit along with the uncertainty of the regulatory landscape in the UK. It stated that this development will only affect its UK customers and will have no impact on other markets as it continues to strengthen its position across Europe.

Toivonen continued,  “I would also like to take this opportunity to thank Antti-Jussi for his contributions and commitment to the company. His leadership, strategic thinking and operational experience have strengthened Holvi and helped put us on the right track. He will always be a part of the Holvi legacy.”