Bilbao, Spain-based bank BBVA acquired Holvi, a Helsinki, Finland-based online business banking service.
The amount of the deal was not disclosed.
The acquisition will enable BBVA to expand its portfolio of digital businesses to complement its overall transformation process.
Founded in 2011 and led by Johan Lorenzen, CEO, Holvi provides entrepreneurs, 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.
It is an authorized payment institution licensed and regulated by the Financial Supervisory Authority of Finland (FIN-FSA).
Following the deal, the company will continue to be run as a stand-alone business, and there will be a two-way flow of knowledge, ideas and support between Holvi and BBVA.
For BBVA, the acquisition represents a follow on milestone in its strategy to improve its digital expertise and capabilites. In 2015, the bank took a strategic 29.5% stake in Atom, a mobile-only bank, and acquired West Coast user experience firm Spring Studio. In 2014, it had purchased big data and cloud-computing startup Madiva Soluciones, and Portland, Oregon based Simple.
It is also an investor in new venture capital partnership Propel, which is looking to invest in fintech startups.
FinSMEs
07/03/2016