50% of Millennials want to start their own business, or have already done so, according to the book by Sarah Sladek. However, majority of them are not only driven by a desire to make profits, 61% of today’s Makers and Doers feel personally responsible to make a difference in the world. Each of them has their own way of making a difference: starting up a company that produces clothes made of recycled materials, or teaching yoga to help people live more mindful lives, or creating a non-profit to support social causes. What distinguishes Generation Y is that they are socially active citizens who are capable of self-organizing friends and communities for grassroots activism. Often such initiatives require financial transparency, which traditional financial institutions cannot provide. That’s why they choose to use Holvi to openly run the financial side of their campaigns and projects.
With Holvi’s Open Budget feature, social projects, fundraising campaigns, non-profits, and even small businesses can be transparent about the ways they receive and spend money, by publicly sharing the summary of financial flows of their Holvi accounts online. This includes the summary of the income and expenses and their respective categories, without any personal details being mentioned.
For instance, the design studio Secret Synapse took Holvi into use because it allowed them to be transparent about the ways they use profits from their commercial business on running social initiatives. By being open about their money spending, they can build trust and credibility with their customers.
Candidates in the recent parliamentary election in Finland also used Holvi to raise money for their campaigns because it enabled them to be transparent about their fundraising efforts. As supporters of the candidates donated money, the total sum of the raised funds was openly available online, through the Open Budget feature.
Through your Holvi online store, anyone can run crowdfunding campaigns for both social projects or small businesses, which by the way takes just a few clicks to set up. When running a crowdfunding campaign it’s extremely important to be transparent with your backers about the raised amount of money and what you are going to spend it on. So again the Open Budget feature can be an excellent solution for this need.
As for crowdfunding projects, in Finland Holvi facilitates the payment gateway with the Open Budget feature for the popular crowdfunding platform Mesenaatti. One of the recent social campaigns called Cleaning Day raised 11,000€ to create two map-based services through which people can organize their own small flea markets to sell old stuff and reduce consumption. We have also recently started a cooperation with Austria’s biggest crowdinvesting platform Conda that allows startups and small business owners to get peer-to-peer funding for their business. We continue looking for more partners like this in Europe to help more small businesses and entrepreneurs get funding for their ideas.
As transparency is highly valued by Millennials who lead the way in setting up their own companies and actively engage in social initiatives, financial services of the new era should adapt to this requirement. If your small business, project or social campaign wants to be open about finances, we could help.
Holvi is a new kind of banking service for entrepreneurs. The heart of Holvi is the current account and debit card. Besides traditional online banking features, Holvi is equipped with handy tools for invoicing, online sales and bookkeeping.
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How does Holvi differ from other traditional business current accounts and services provided for entrepreneurs? How does it help small business owners to spend more time on productive work? Here are ...
Holvi Payment Services Ltd is regulated by the Financial Supervisory Authority of Finland as an Authorised Payment Institution. The current account issued by Holvi is a payment account and the funds held on the account are managed as segregated customer funds. Funds on the payment account are not covered by deposit insurance and the funds do not accrue interest.
Mastercard is a registered trademark of Mastercard International Incorporated. The Card is issued by Wirecard Card Solutions Ltd (“WDCS”) pursuant to licence by Mastercard International Inc. WDCS is authorised by the Financial Conduct Authority (UK) to conduct electronic money service activities under the Electronic Money Regulations 2011 (Ref: 900051).