BBVA buys startup Holvi to improve portfolio

Monday, 07. March 2016 15:09

BBVA, Spanish banking company, announced the acquisition of Holvi, Finnish online business banking service. The acquisition should improve digital business portfolio and complement the group’s transformation process, the banking giant announced on Monday.

Helsinki-based startup, founded in 2011, provides services to entrepreneurs and small and medium enterprises which BBVA saw as complementary. It will continue to exist as a stand-alone businesss “We’re excited about Holvi as we share a vision about the benefit of technology for the customer,” Teppo Paavola, chief development officer and general manager of New Digital Businesses at BBVA, said in the statement. 

The bank uses acquisitions and investments as tools in delivering digital expertise. In the last two years it took a strategic stake in mobile-only bank Atom, acquired user experience firm Spring Studio and bought cloud-computing startup Madiva Soluciones and tech company Simple. BBVA invested in new venture capital partnership Propel, which is looking to take stakes in startups that deal with fintech services.

BBVA shares traded 2.41% lower at €6.08 in Madrid at 2:45 p.m. CET.

 

Image: Holvi

Related Links: Banco Bilbao Vizcaya Argentaria (BBVA)
Author:
Breaking the News / VP