Holvi, a digital banking service backed by Banco Bilbao Vizcaya Argentaria SA (NYSE: BBVA) and headquartered in Helsinki, Finland, formally launched in the U.K. on Monday, building on its current user base of 200,000 users.
In a statement on the development, Holvi CEO Antti-Jussi Suominen said, “The U.K. 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 development comes after Holvi successfully delivered on its mission to assist SMEs and self-employed workers to better manage cash flow; the banking service co-founded in 2011 by Tuomas Toivonen and Mikko Teerenhovi, delivers tools for invoicing, expense management, and general bookkeeping.
“What Holvi will bring to the U.K. 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,” said Ian Ormerod, Global Head of BBVA New Digital Businesses.