Finland-based startup Holvi, which was founded back in 2011, believes it is really among the few startups that aim to disrupt banking system. The company highlights simplicity, saying that users can create accounts in only a few minutes and access a wide range of financial services.
Particularly appealing to businesses should be features that allow users to create invoices, collect payments out of their own store, and access in-service accounting tools. It is free to use and they do not charge monthly fees, but the company raises revenue by taking 0.90 Euro on incoming and outgoing payments and by taking 3% on every credit-card transaction.
Within this market, the most obvious competition comes from the traditional banks. Holvi says that they will initially target smaller businesses, who they believe are underserved by the established players.
Holvi participated in the acceleration program at FinTechCity London and has obtained $2.7 million in funding over the past few years. Most recently, they picked up $1.4 million in May 2014 from SpeedInvest, a fund based in Vienna. Holvi is licensed by the Financial Supervisory Authority of Finland, which allows it to operate as an Authorised Payment Service in the European Economic Area.
Although it was founded a few years ago, Holvi only last month announced their plans for international expansion. They are planning to offer their offer their service in 19 countries across Europe, but they also stated intentions to build up staff in Austria, Spain, and Ireland to manage operations across the continent. They have also created their own API, but that remains in beta and has yet to be significantly rolled out. The company says that the API will offer users tools for dealing with online payments, making reports, calculating tax, managing invoices, and more.