The Finish software venture Holvi managed to partner up with Austrian Speedinvest; the business angel fund invested approximately one million euros in the banking services firm and wants to support its expansion throughout Europe.
Michael Schuster, who oversees knowledge management at Speed Invest and is evaluating startups for the fund talked to inventures.eu about the deal. According to him, negotiations about an investment in Holvi were concluded within a short period of time: “It only needed a couple of weeks and one visit to the sauna with the Holvi team,” Schuster said with a wink.
Speedinvest will actively support Finish Holvi to launch their service in Austria and also shall support the venture not just with capital but also with contacts, its network and eventually “from fundraising next rounds to HR support,” as Schuster put it.
A banking substitution for Europe
Holvi offers a software that provides a full service account for small and medium-sized enterprises: it comprises a shop component, invoice management and expense tracking. Plus, no bank account is needed as Holvi provides one for its clients itself. “The good thing about Holvi is that is uses Pan-European laws (Payment services directive) by the EU to provide its services,” said Schuster from Speedinvest and continued by explaining the business model: “No fixed fee applies, every transaction cost 90 cents, for a shop purchase, three percent disagio are calculated but this includes all fees by credit card providers […] you only pay when you use it.”
Holvi currently employs about ten people. The next waypoint on their expansion plan is Austria, with Ireland to follow suit, according to Schuster. Holvi developed its software solution for freelancers, small entrepreneurs and medium-sized enterprises and wants to disruptively change the banking landscape in Europe with all necessary services pooled into one programme.