Holvi Blog for Makers and Doers

Holvi - The open banking ecosystem for small businesses

Entrepreneurship, Fintech trends · 03/03/15 16:41 · Elina Räsänen

2015 is the year of #fintech. Holvi was recently chosen as one of the game changers of the industry on the Fintech50 2015 list. It is always exciting for us to be acknowledged next to other brilliant fintech companies, all contributing to shaping the future of banking. So at this time, I would like to invite you to have a look behind the Holvi scenes and to hear our views on our bold undertaking.

Solving the primary need of small businesses

There are around 40 million small business owners in Europe. The micro business segment is the fastest growing macro segment in Europe.  Holvi is built from the ground up for these customers –  Europe’s largest underserved sector. One thing they all have in common is that every small business needs a bank account, and financial tools to take care of their business. This is what traditional banks are not offering and we are  enabling the bank account to solve the financial administration and integration seamlessly for them.

An easy to use and manage bank account is the common denominator for the entire small business economy, a core point to bring together and manage your cash flow and financing from multiple sources in both the off- and online economy. A modern bank account that elegantly solves this purpose earns us the core banking relationship(*). 

We are providing the base infrastructure and platform to manage cash flow in the most fundamental and horizontal product possible. On top of that, we are adding the most used SME tools – all connected to Holvi’s open ecosystem.

Foundation of the 21st century banking - the connected ecosystem

A banking service designed for the new era is all about connectivity and full flexibility. Holvi is the world’s first pan-European bank replacement, operating with its own Payment Institution Licence. Holvi’s infrastructure is built independently and we don’t operate at the legacy backend or balance sheet of any existing bank.



Design, usability and mobile apps are an important part of the new era of fintech, but that is just the start, we strongly believe that the core element in the future of banking is real value brought to real people, but solving the challenges small business face on a daily basis.

Mobile point-of-sale (mPOS), cloud accounting, mobile payments and other financial services are all part of this future and we view them as complimentary to building this ecosystem - not competition.

In contrast to these we are coming at this from the banking angle, and a take the vertical position. We solve the superset of handling money, other providers solve different subsets and detailed challenges. We aim to become the foundation that bridges the money management between all of them. In turn we create the centrepiece that is the modern bank account, which brings the entire new economy together, both in terms of payments and data, no matter what method you prefer. The inbuilt Holvi tools cover the best use-cases effectively, but the service offer for the user is also extendable through the open ecosystem we are building.

The connected ecosystem - open for integration and business

We invite the customer to integrate other digital services they might need for their small business to the core of the ecosystem: the Holvi account. As an example, we recently integrated Dropbox to Holvi. This is the first time a banking service has worked with a cloud storage tool, but it allows our customers for example to automatically export their bookkeeping materials to Dropbox from their Holvi account.

Technology and internet-scale network thinking is key to achieving an efficient model for the next decade’s small business paradigm. In the future, more and more people will set up a small business and we need the right kind of financial tools to enable and support them.

We are building the bank account and epicentre for the modern economy: one that connects all forms of payment methods, data, transactions and alternative financing – the most important unclaimed position of the banking space.

(*) Holvi is not a traditional bank. We operate as a payment institution authorised by the Financial Supervisory Authority of Finland (FIN-FSA). We have the right to operations across the EU under the Payment Service Directive. We manage your money in segregated accounts on your behalf. Your money is your money, and managed separate from our company funds.

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The next generation of business banking

Holvi is a business account designed and built for entrepreneurs by entrepreneurs. Holvi account has everything your business needs, in one easy to use solution. 

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  • Paperless bookkeeping

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