Keru is an investment company, established by one of the Holvi founders Tuomas Toivonen, specifically to acquire Holvi
Keru Fintech Investments acquires Holvi from BBVA. (Credit: Holvi Payment Services Ltd.)
Spanish financial services firm BBVA has sold all the shares of its Finnish business banking company Holvi to Keru Fintech Investments (Keru) for an undisclosed amount.
Keru is an investment company, established by one of the Holvi founders Tuomas Toivonen, specifically to acquire Holvi and continue its operations in Finland, Germany and other European markets.
As part of the transaction, Holvi board of directors accepted to replace Antti-Jussi Suominen with Toivonen as new CEO, with immediate effect.
Holvi new CEO Tuomas Toivonen said: “This step marks the beginning of an exciting new chapter for Holvi and brings us closer to our entrepreneurial roots and our customers.
“With the knowledge, we have gained from BBVA’s support over the past few years, and the commitment of our experienced team, we are well-positioned to continue our mission of simplifying the working lives of the self-employed.”
Under the leadership of Toivonen, the Finnish bank is anticipated to focus on strengthening its position in the core European markets.
Established in 2011 in Helsinki, Holvi is engaged in providing digital banking services for self-employed and freelancers across Europe. It was acquired by BBVA in 2016.
The digital banking services include digital payment account, invoicing, expense management, streamlined bookkeeping and real-time business insights.
Holvi is authorised by the Financial Supervisory Authority of Finland (FIN-FSA) as a payment institution with a license to operate across Europe.
Toivonen added: “We will now focus all our efforts on improving and expanding our offering. I would also like to take this opportunity to thank Antti-Jussi for his contributions and commitment to the company.
“His leadership, strategic thinking and operational experience have strengthened Holvi and helped put us on the right track. He will always be a part of the Holvi legacy.”