Holvi, the digital banking service for the self-employed, is withdrawing from the United Kingdom on the 31st October 2020. Changing market conditions, triggered by the outbreak of COVID-19 and the uncertainty of the regulatory landscape in the UK, have led to the decision to withdraw. This affects UK customers only and has no impact on Holvi’s involvement in other markets. The company continues to focus on strengthening its position in the core European markets.
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Holvi’s CEO, Antti-Jussi Suominen says: “The UK has always been a challenging market and we were prepared to take up this challenge. However, the speed at which market conditions are changing has accelerated. To respond to these new circumstances, we’ve made the choice to strengthen our core business in Europe and invest more time and money in growing our product. This shift in focus unfortunately means pulling back on our entry into the UK.”
All Holvi accounts in the UK will expire on 31 October 2020. Until that date, the accounts will continue to operate as normal. UK customers should transfer any balances to an alternative bank account by that date.
Suominen continues: “This decision was not an easy one and we would like to thank all our customers and partners in the UK for their confidence in us. It is particularly important to us now that the transition goes as smoothly as possible for all concerned.”
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Regardless of the situation in the UK the market for financial products, specifically for the self-employed, is growing and new products are in demand. Around 200,000 users across Europe use Holvi’s digital service to manage their finances. In Germany alone, the number of active users has recently risen to 90,000.
Holvi has the introduction of further product innovations already planned – including an accounting service and the integration of virtual payment cards. All with the aim of making life easier for the self-employed.
Suominen adds: “We have made this decision at an early stage of our expansion in order to help minimise the impact on our customers and partners. Even if this means leaving the UK before we have really got off the ground. We will now focus all our efforts on further growth in our core markets in Europe and on extending our leading position in Germany and Finland.”
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