Holvi founder buys company back from BBVA

Keru Fintech Investments has acquired all Holvi shares from the Spanish banking group BBVA, Holvi said.

Keru is an investment company established for the purpose of acquiring Holvi and continuing Holvi’s business in Finland, Germany and other European markets. The sole owner and founding shareholder of Keru is Tuomas Toivonen, one of Holvi’s founders, who will also take over as the Chief Executive.

Under his leadership, the company will continue to focus on strengthening its own position in the core European markets – accordingly, Holvi’s customers can continue to use the service as usual, Holvi 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,” says Tuomas Toivonen, CEO of Holvi.

Banco Bilbao Vizcaya Argentaria (BBVA) bought 2011-founded Holvi in 2016 to expand its digital offering.