(MENAFN) BBVA, the Spanish multinational banking behemoth has purchased yet another online banking startup in the form of Holvi, a Finnish firm that focuses on offering online current accounts.
The acquisition comes just over two years after the giant paid USD117 million in the US for Simple, a so-called direct bank that replaces physical branches with online and telephone-based support.
As many top industry experts explained, the motive behind BBVA's move could not be clearer, as it translates to buying into the future of banking by investing in nimble, innovative young companies.
"For us BBVA is the ideal owner; a bank with the understanding of the digital world that can give us the necessary room to grow and expand," stated a representative from Holvi.
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