Spanish banking group BBVA has sold its digital banking service for self-employed Holvi to Keru Fintech Investments (Keru).
The financial details of the transaction were not divulged.
Go deeper with GlobalData
BBVA received an offer from Keru and the bank agreed to offload all Holvi shares to its new and sole owner, effectively immediately.
The offer has been accepted by the board of directors of the Finland-based challenger bank.
One of Holvi’s founders Tuomas Toivonen is the sole owner and founding shareholder of Keru.
The investment firm was set up primarily to acquire Holvi and continue its operations in European markets, including Finland and Germany.
Holvi CEO Antti-Jussi Suominen has offered to step down, making way for Toivonen to replace him in the role with immediate effect.
Toivonen said: “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.”
Customers can continue using Holvi’s services as usual.
Holvi 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.
“We will now focus all our efforts on improving and expanding our offering.”
Last year in August, Holvi decided to pull out of the UK market due to the disruptions brought about by the no-deal Brexit and Covid-19 pandemic.
