BBVA has snapped up Finnish online banking service Holvi, as the Spanish banking group seeks to expand its portfolio of digital businesses.

Holvi was founded in 2011, and provides entrepreneurs and SMEs with an online banking platform as well as other business services, such as invoicing facility and a cashflow tracker. Following the takeover, Holvi 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.

Teppo Paavola, chief development officer and general manager of new digital businesses at BBVA said: “We’re excited about Holvi as we share a vision about the benefit of technology for the customer. They use digital to bring a new approach to small business banking, where services essential to a business’ future, such as invoicing, are built into their core offer.”

Holvi’s CEO Johan Lorenzen added: “We’ve found the ideal owner in BBVA – a bank with the understanding of the digital world to give us the necessary room to grow, and then the scale and expertise to underpin that growth with sound foundations.”

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