Holvi set to double turnover in 2023 with record profits for January

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.

Tuomas Toivonen, CEO and co-founder of Holvi, said:

We bought Holvi back. And when I say we, I mean the Holvi team – the company is now entirely team-owned. 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. 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.

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.

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.