Holvi, a leading digital banking platform for small businesses and the self-employed, has announced record results for January and is on track to double its revenue by 2023.
The company attributes its growth to significant changes in ownership, strategy, and product offerings over the past two years.
Acquisition by CEO and Co-Founder
In 2021, Tuomas Toivonen, Holvi’s CEO and co-founder, led a management buyout of the company from banking group BBVA. This marked the start of the “Indie Holvi era,” in which the company became entirely team-owned.
Their newfound independence led to significant changes in the company’s strategy and business model, shifting the focus from aggressive, unprofitable growth to sustainable, profitable growth.
New Product Offerings and Developments
Under the new strategy, Holvi has brought several new products to market, including a business credit card, virtual cards, and support for Apple Pay and Google Pay in both Germany and Finland.
Additionally, Holvi has improved the speed of transfers and plans to introduce instant payments in the near future. Holvi has also expanded its offering of invoicing, bookkeeping, online store, and financial insights tools.
Investment in Team Development
Holvi has invested in the development of its team, appointing Noona Puusniekka as General Manager for Payments and Prashant Kumar as CFO to strengthen its management team in credit and payments.
Expanding the team has also been a significant step in Holvi’s journey towards obtaining a full banking license.
Future Plans and Ambitions
Looking forward, Holvi plans to offer international transfers, real-time transfers, and even smoother expense management. The company aims to connect Holvi accounts directly to more accounting tools. Holvi serves solopreneurs and small businesses, but its offerings increasingly meet the needs of growing companies as well.
In summary, Holvi has achieved a lot in the past two years, doubling its revenue and becoming profitable.
The company is in discussions with investors for funding to take it to the next level. With its renewed product offerings and investment in team development, Holvi is poised for continued success and growth in the future.
More About Holvi
Founded in 2011 in Helsinki, Holvi is an authorized payment institution regulated across the European Economic Area by the Financial Supervisory Authority of Finland. Holvi serves approximately 35,000 business customers in its main markets of Germany and Finland.
Its fully digital business current account includes built-in expense management features, integrated invoicing, online selling and bookkeeping tools and integrations, providing a single, easy-to-use solution for small businesses and the self-employed to manage their finances.
