- Holvi forecasts to double turnover in 2023 – January profits at an all-time high
- The growth is a result of a major strategic shift and product developments
- Discussions about next steps ongoing with investors
Helsinki, 9.2.2023 – Holvi has reported a record result for January and confirms it is on track to double revenue in 2023. The growth has been driven by major changes in the company’s ownership, strategy and product over the last two years.
In 2021, Holvi’s current CEO and co-founder Tuomas Toivonen acquired Holvi back from banking group BBVA in a management buyout. This was the beginning of the Indie Holvi era.
“We bought Holvi back. And when I say we, I mean the Holvi team – the company is now entirely team-owned,” Toivonen underscores.
The newfound independence brought changes to Holvi’s strategy, objectives, business model and team. Instead of aggressive, unprofitable growth and pursuit of short-term goals, the focus shifted to sustainable growth and long-term profitability. Fast forward two years, Holvi has doubled its revenue and plans to do the same this year, bringing its revenue to €15 million in 2023. In the meantime, the business has turned profitable.
“Behind these achievements is an expert team and a lot of hard work. Throughout all the changes we have experienced over the last two years, we have stayed focused on product development and the needs of our customers by releasing new features and developing our offering,” Toivonen explains.
Over the past two years, Holvi has brought to market a new business credit card, virtual cards, as well as Apple Pay and Google Pay in both Germany and Finland. At the same time, transfers to and from Holvi have become faster – and instant payments are on the horizon. Alongside its payment services, Holvi has further developed its existing invoicing, bookkeeping, online store and financial insights tools.
With the renewed product offering, the company has also invested into the development of its team, appointing Noona Puusniekka as General Manager for Payments and Prashant Kumar as CFO to strengthen the management team in the credit and payments area. Growing the team has also been an important step in Holvis journey towards obtaining a full banking licence.
Next, Holvi plans to offer international transfers, real-time transfers and even smoother expense management. Beyond that, Holvi accounts will soon connect directly to more accounting tools. Holvi’s offering serves solopreneurs and small businesses, and increasingly meets the needs of growing companies as well.
“We’ve achieved a lot, but we already have our eyes set on the future. That’s why we’re currently in discussions with investors on funding to take Holvi to yet the next level,” Toivonen sums up.
Holvi was founded in 2011 in Helsinki. As an authorised payment institution regulated across the European Economic Area by the Financial Supervisory Authority of Finland, Holvi serves approximately 35,000 business customers in its main markets of Germany and Finland.
Holvi combines everything the self-employed and small businesses need to manage their finances – in a single, easy-to-use solution. At its core is a fully digital business current account with built-in expense management features, integrated invoicing, online selling and bookkeeping tools and integrations. With everything neatly in one place, it’s easier to focus on growing the business instead of the time-consuming distractions of financial admin.