Holvi, the online banking startup, has announced Thomas Madsen-Mygdal, the Danish serial entrepreneur and investor, has led a "significant" round of funding in the company. While being associated with and has stared several companies, most recently Madsen-Mygdal has been know for being the lead angel investor and chairman in Podio, the work platform sold to Citrix earlier this year.
“I’m really excited about joining the Holvi team and to use my experience as a serial entrepreneur to help bring change to banking," says Madsen-Mygdal in a press release.
Holvi allows individuals or groups a transparent online banking service, where rather than running into complicated fees with a simple bank account, Holvi charges a small fee per transaction. By using a transaction-based strategy, Holvi's target customers are those that traditional banks aren't enthusiastic about. A sports organization or political campaign does not need large loans or hold a large deposit, making it difficult for traditional banks to monetize these accounts.
Holvi registered with Finnish Financial Supervisory Authority, but is not a credit institution, meaning they do not lend out their customers' money.
With the funding round, Holvi will expand throughout Europe from its native Finland in 2013.