Holvi & Ukko vs. Finctra: Choosing the Right Foundation for Your Finnish Business
Are you deciding between a neobank like Holvi, a service like Ukko, or a platform like Finctra? We break down the differences in cost, control, and features to help you scale your business.
Jul 31, 2025
The "All-in-One" Bank vs. The "Service" vs. The "Operating System"
When starting a business in Finland, you are often presented with three distinct paths. Choosing the right one depends on your ambition.
Holvi is a Neobank. It combines a business bank account with basic invoicing tools. The software is tied to the bank account.
Ukko is a Light Entrepreneurship Service. They handle all the bureaucracy and tax filings for you, acting as the legal entity between you and your client.
Finctra is a Financial Operating System. We are bank-agnostic software that connects to any bank (Nordea, OP, Danske, etc.) and gives you full professional tools to run your own company.
Bank Independence: Why It Matters
One of the biggest limitations of "Banking-as-a-Service" platforms like Holvi is the lock-in.
The Holvi Model: To use their invoicing and receipt tools effectively, you generally need to use their bank account. If you prefer the safety and relationship of a traditional bank like OP or Nordea, you lose the integration benefits.
The Finctra Model: We believe in freedom. Finctra is Bank-Agnostic. You can keep your trusted relationship with your current bank. We simply connect to it securely to pull transactions and reconcile payments. You get modern tools without changing your IBAN.
The "Growth Tax": Flat Fee vs. Percentage
Ukko is fantastic for hobbyists because there are no fixed costs. However, their model typically involves charging a percentage of your revenue (often 5% to 7%) to handle the paperwork.
The Math of Scaling:
If you bill €1,000/mo, Ukko costs ~€50. That is manageable.
If you bill €5,000/mo, Ukko costs ~€250. That is expensive.
If you bill €10,000/mo, Ukko costs ~€500. That is a massive tax on your growth.
The Finctra Advantage:
We charge a Flat Fee (Starting at €29/mo). Whether you bill €1,000 or €100,000, your software cost stays the same. We do not punish you for succeeding.
Features for Growth: Inventory and CRM
Both Holvi and Ukko focus on the transaction: sending the invoice and getting paid. They are less focused on the operations of your business.
The Limitation: Neither Holvi nor Ukko offers robust Inventory Management or deep Customer Relationship Management (CRM). If you decide to open a webshop or sell physical products, you will immediately outgrow them.
The Finctra Solution: Finctra is built to scale with you. We include an Inventory Hub for tracking stock and a Client Hub for managing relationships, reviews, and history. We are ready for retail, service, and e-commerce from Day 1.
Conclusion: Which Path is Yours?
Choose Ukko if:
You are a "Light Entrepreneur" (Kevytyrittäjä) testing a side hustle.
You send very few invoices per year.
You want zero responsibility for tax filings and are willing to pay a % fee for it.
Choose Holvi if:
You specifically want a new, digital-only bank account and debit card.
You have very simple invoicing needs and no physical inventory.
Choose Finctra if:
You have your own Y-tunnus (Tmi or Oy) and want full control.
You want to keep your current bank account (OP, Nordea, etc.).
You want a flat monthly cost that doesn't increase as your revenue grows.
You need professional tools like Inventory, CRM, detailed Profit & Loss reports and ready to file tax reports.
Own your business. Don't rent it. Start your free trial with Finctra today.
Competitor information is based on publicly available data as of July 2025. Features and pricing are subject to change.
