Digital banking specialist Holvi, which is owned by BBVA, has announced plans to foray into the UK market as part of Europe-wide expansion.
This will be the company’s third core market after Germany and Finland.
Holvi is a digital banking specialist for self-employed business owners, consultants, music producers, photographers, actors, vintage sellers and beyond, freelancers, and small family-run businesses.
Holvi CEO Antti-Jussi Suominen said: “The UK is one of the most important markets for fintechs and has always been known as a nation of sole traders.
“We have years of experience supporting this specific type of microbusiness and our research shows that our users can save over three weeks of valuable working time every year by automating routine accounting tasks with our service.”
The BBVA-backed digital banking specialist, which already has a customer of base of 200,00, said it will use its existing digital book-keeping tools in the UK as well.
BBVA new digital businesses global head Ian Ormerod said: “What Holvi will bring to the UK is a clear focus on actively improving things for people running their own businesses, by giving them back time they can better use on running other areas of their company.
“But that’s just one element of the benefits their suite of tools brings, and actually the usability of their platform is equally strong. It’s great to see them expanding into such a strong and buoyant market like the U.K.”
Holvi added that it also intends to further expand its digital presence to operating countries like Ireland, Belgium, France, Italy and the Netherlands.
Recently, BBVA partnered with Nok Nok Labs to enhance biometric authentication capabilities which will replace the use of passwords.