Holvi leaves UK following Brexit and Covid-19 uncertainty

Thursday 13 August 2020 11:11 CET | News

Finland-based challenger bank Holvi has announced plans to officially exit the UK market on 31 October 2020, a date that echoes the UK’s initial departure date from the EU. 

Holvi statesd that ‘the UK is a challenging market’ but gives the reason for its departure as coronavirus-related disruption and ‘the UK’s uncertain regulatory landscape’, according to AltFi. The fintech’s Mastercard will cease to work come 15 October 2020 and all accounts will be closed two weeks later on 31 October 2020. Customers have until then to remove their funds held in Holvi accounts. 

To respond to these new circumstances, the SME-focussed digital bank made the choice to strengthen their core business in Europe and invest more time and money in product growth. A possible reason for Holvi departing the UK six months after it first launched can be its lack of customers. As well as only letting down a small group of customers, Holvi doesn’t have to lay off any staff since UK operations were run remotely from Berlin and Helsinki. 

More: Link

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Keywords: Holvi, UK, United Kingdom, Brexit, COVID19, EU, coronavirus, regulatory landscape, fintech, MasterCard, Holvi accounts, SME, digital bank, challenger bank, Finland, Berlin, Helsinki
Categories: Banking & Fintech
Countries: United Kingdom
This article is part of category

Banking & Fintech