Speedinvest exits Holvi

Following the acquisition, Holvi will continue to be run as a standalone business. The value of the deal was not disclosed.

The acquisition is part of BBVA's effort to expand its portfolio of digital businesses. In 2015, the bank took a 29.5% stake in UK-based mobile banking app Atom. In 2014, it had purchased big data and cloud-computing startup Madiva Soluciones, as well as US-based Simple.

Previous funding
Austrian VC Speedinvest first invested in Holvi in May 2014, when it structured a €1m round for the Finnish startup.

Company
Founded in 2011, Holvi provides small and medium-sized businesses with a range of business services as well as traditional banking through its online platform. Features include an online sales platform, an invoicing facility and a cashflow tracker. The company is headquartered in Helsinki.

People
BBVA – Teppo Paavola (chief development officer, general manager of New Digital Businesses).
Holvi – Johan Lorenzen (CEO).

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