Insights & Analyses

Estonian government partners with fintech company Holvi to provide borderless banking

Finnish fintech company Holvi has partnered with the government of Estonia and its e-Residency business program, allowing almost anyone anywhere in the world to create a business account and obtain a Mastercard for a small monthly fee.

Holvi’s new Estonian service is priced at €35 per month, and it allows customers to remotely open a bank account and obtain an EU international bank account number. Applicants receive a fully digital business account combined with a Holvi Business Mastercard.

In a post announcing the new partnership, Kaspar Korjus, Estonia’s e-Residency program director, noted that customers can apply for an account entirely online from anywhere, without the need to physically visit Estonia. The application process is open to almost all counties around the world, but most notably missing is the U.S.

“We believe this partnership with Holvi significantly enhances the value of e-Residency because the needs of our growing community of e-residents are a perfect match with the services they rpovide,” Korjus wrote. “As our community of e-residents grows, so too does the entrepreneurial ecosystem around e-Residency.”

Estonia’s e-Residency program has been in public beta phase, helping entrepreneurs in 137 countries around the world. Through the program, people can receive a secure, government-issued digital identity, which then enables them to access their business and open a bank account.

The digital identity program in Estonia has proven so popular that it has drawn the attention of Alibaba founder Jack Ma, and even inspired Singapore to model its own ID program after Estonia’s efforts.