Next-gen business bank Holvi has been acquired by Spain’s BBVA

Spanish banking group BBVA has acquired much lauded European business banking startup Holvi, both companies have announced today.

Holvi, which pitches itself as a next-gen bank for entrepreneurs, freelancers and small businesses, will continue to operate separately but BBVA says that there will be a “two-way flow of knowledge” between the two companies. Terms of the deal have not been disclosed.

Finland-based Holvi launched in 2011 and had raised a modest $1.7 million to date. This is the latest such deal for BBVA, which has invested in UK mobile-only bank Atom and acquired a similar US startup, Simple in $177 million in 2014.