Yes, you read correctly. We will officially be leaving the UK on 31 October 2020. As you might imagine, this was not an easy decision to make. But we believe in open communication and sharing information as soon as possible, so we’ve already sent an email to our UK customers. This post is to explain our decision in a bit more detail.
All Holvi accounts in the UK will expire on 31 October 2020. Until then, accounts will continue to operate as normal. UK customers are asked to transfer any balances to an alternative bank account by that date.
Should we stay or should we go now?
The UK is a challenging market – and at the beginning of the year we were ready to meet this challenge head on. But the world has changed a lot in 2020, and with change come shifting priorities. Coronavirus has disrupted market conditions and added a new layer of complexity. When you factor in the UK's uncertain regulatory landscape, the waters become even less clear.
To respond to these new circumstances, we’ve made the difficult choice to strengthen our core business in Europe and invest more time and money in product growth. This shift in focus unfortunately means pulling back on our entry into the UK.
We’ve made this decision at an early stage of our expansion to help minimise the impact on our customers and partners. This means we’re leaving the UK before we’ve even had a chance to get off the ground. But sometimes you need to take a step back in order to take two steps forward.
Our mission is still the same: simplify work life for the self-employed
Making something as complex as banking and financial management easier for the self-employed is a marathon, not a sprint – you need the power of endurance. But you also need a capable team by your side. Thankfully, we have both. Our drive to make life easier for the self-employed remains unfazed.
Most self-employed professionals still don't receive the support they need from their banks. This is where Holvi steps in, offering ways to simplify work life and improve your business’ balance sheet. We’re much more than a business account and card. We’re an all-in-one digital solution to small business finances. Everything you need to find financial well-being – online, without the paperwork.
Concentrating on our core markets
The fintech industry is growing faster than ever, along with the demand for new products that make finances more manageable. As we focus on honing Holvi’s features and better serving our customers, we’re concentrating on expanding our leading position in Germany, Finland and European markets outside the UK.
Innovations for release in 2020
Right now, we’re planning to introduce more product innovations – including an accounting service and the integration of virtual payment cards. All with the aim of making life easier for the self-employed.
Thank you to our UK customers
There’s no getting around it, today’s news is upsetting. Our one hope is that, through your engagements with Holvi, you’ve gleaned one important takeaway: that the financial part of running a business doesn’t need to be scary. In fact, you can manage it easily.
We also want to thank you for your loyalty and trust in us – and apologise for any trouble this may cause. We've learned a lot in the past months, and your confidence in Holvi strengthens our resolve. We believe in our mission and sincerely hope to one day return to the UK stronger than ever.
Next steps for UK customers – two important dates
15 October 2020 – Your Holvi Business Prepaid Mastercard will stop working.
31 October 2020 – From this date on, you’ll no longer be able to send or receive payments, or log in to your Holvi account.
Until these dates, your account will continue working as normal. In the meantime, to start getting ready for the closure of your account, we ask that you please do the following:
- Transfer your balance to an alternative bank account
- Provide partners and customers with your new bank account details
- Download any reports you may need from your Holvi account