New online bank, Holvi, set to launch in IrelandThursday 24 July 2014 17.29
Finnish bank, Holvi, which brands itself as 'a complete update to online banking', plans to launch in Ireland later this year.
Aimed at SMEs, the online bank offers a current account with added features including the ability to sell online, invoice customers, and collect payments.
Founded in 2011 in Helsinki, Holvi attempts to bring modern technology and user experience to banking. It was designed to 'solve the complex problem of managing fiances in the modern world', according to their website.
The start-up bank is regulated by the Financial Supervisory Authority of Finland and it has a license to operate across Europe.
Unlike traditional banks, it says there are no hidden fees. There are no monthly or quarterly charges.
However, there is a 90 cent transaction fee for incoming and outgoing payments, and a 3% commission fee charged on sales conducted online.
The bank believes Ireland is the perfect place to expand its operations, due to the country's long tradition in entrepreneurship. Ireland's position as a strong technology hub within Europe and the large number of SMEs which operate here were also contributing factors.
Commenting on the planned launch, Elina Rasanen, Holvi's Market Entry Manager said:
"We are now giving early access to pilot customers and establishing partnerships in Ireland, and we are looking to launch the product fully in November."