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Holvi Announces Funding Led By Thomas Madsen-Mygdal

Holvi, the online banking startup, has announced Thomas Madsen-Mygdal, the Danish serial entrepreneur and investor, has led a “significant” round of funding in the company. While being associated with and has stared several companies, most recently Madsen-Mygdal has been know for being the lead angel investor and chairman in Podio, the work platform sold to Citrix earlier this year.

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“I’m really excited about joining the Holvi team and to use my experience as a serial entrepreneur to help bring change to banking,” says Madsen-Mygdal in a press release.

Holvi allows individuals or groups a transparent online banking service, where rather than running into complicated fees with a simple bank account, Holvi charges a small fee per transaction. By using a transaction-based strategy, Holvi’s target customers are those that traditional banks aren’t enthusiastic about. A sports organization or political campaign does not need large loans or hold a large deposit, making it difficult for traditional banks to monetize these accounts.

Holvi registered with Finnish Financial Supervisory Authority, but is not a credit institution, meaning they do not lend out their customers’ money.

With the funding round, Holvi will expand throughout Europe from its native Finland in 2013.

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