European mobile payment firms Holvi and SumUp have partnered to offer better financial services to small businesses and the self-employed in Germany.
Through this partnership, the two fintech firms aim to offer a more cost effective path towards entrepreneurship without the traditional banking bureaucracy and unnecessary paperwork.
SumUp, which recently merged with its local rival Payleven, offers mobile point of sale hardware that lets small business accept card payments.
Holvi, which was founded in 2011 and acquired by BBVA in March this year, offers entrepreneurs, small and medium-sized businesses with a range of business services as well as traditional banking through its online platform.
Commenting on the partnership, Holvi CEO Johan Lorenzen said: “Partnering with SumUp is the natural next step for us in Germany. Our customers are more and more looking for an easy way to accept card payments and we’re happy to provide them a cost effective alternative through SumUp.”
SumUp VP of business development Maximilian Stella said: “Holvi is a modern banking service tailored for small business needs. The Holvi business account will allow our customers to focus on their core competences, which made them start their businesses in the first place.”
Holvi noted that the number of self employed people in Germany has increased by almost 40 % in the past 10 years, making this 1.34 million segment one of the most underserved segments by traditional banks and financial institutions.