BBVA in Madrid has acquired Holvi, a Finnish online business banking service.
BBVA said Monday that the acquisition is part of its overall strategy to partner with startups and others in various ways as it seeks to expand its digital banking offerings. Financial terms of the acquisition were not disclosed.
Holvi was founded in 2011 in Helsinki and is focused on small and midsize businesses and entrepreneurs. The online platform helps companies with traditional banking, online sales, an invoicing facility and a cashflow tracker. Like many of BBVA's other acquisitions, Holvi will operate as a standalone business.
"We're excited about Holvi as we share a vision about the benefit of technology for the customer," Teppo Paavola, chief development officer and general manager of the new digital businesses at BBVA, said in a blog post on the BBVA website. "They use digital to bring a new approach to small business banking, where services essential to a business' future such as invoicing are built into their core offer."
Last year, BBVA bought a 29.5% stake in Atom, a mobile-only bank in the U.K., and acquired Spring Studio, a user-experience firm. In 2014 it acquired the neobank Simple in Portland, Ore., and the cloud computing firm Madiva Soluciones. In February the company announced that it was replacing its $100 million internal venture capital arm with a $250 million external firm called Propel Venture Partners based in San Francisco.