Holvi
“Can a licensed payment institution become the indispensable financial OS for Europe's self-employed — combining banking, credit, invoicing, and bookkeeping in one account without relying on third-party BaaS infrastructure?”
Founded in 2011 as an online-only business bank for Finnish entrepreneurs, Holvi was acquired by BBVA in 2016 in a move that slowed decision-making. In 2021 the company executed a management buyout from BBVA — losing half its staff but regaining independence and improving profitability — before being acquired by Keru Fintech Investments. Post-independence, Holvi doubled down on becoming the all-in-one financial OS for the self-employed: adding native multi-currency SWIFT accounts, a credit card with a €50,000 credit line, and tight bookkeeping/VAT tooling, replacing reliance on BBVA infrastructure with its own payment institution licensing in Finland and Germany.