How I organized the group, what it actually is, and what it means day to day.
DVP Holding is the parent company of the group. It owns 6 subsidiaries, all in Estonia. 7 legal entities, combined revenue exceeding one million, 0% dilution. In this article I explain how it's organized, why I chose this structure, the numbers, the mistakes, and what it looks like day to day.
What a holding company is
A holding company is a company that owns other companies. DVP Holding OÜ doesn't sell anything, doesn't invoice anyone, has no clients. It owns the subsidiaries. It's a legal and financial shell, not an operational business.
Each subsidiary is a separate legal entity with its own accounting, contracts, and treasury. If one subsidiary has a debt or legal issue, the others aren't affected. If you want to sell a project or shut one down, you don't touch the rest.
The alternative is putting everything in a single company. Simpler at first but as soon as you have multiple activities with different risk profiles, one problem can spread to the others. With a holding each activity is compartmentalized.
In Estonia reinvested profits are taxed at 0%. When FormaCash generates cash, it flows up to the holding, the holding redistributes it to VMCloud to fund infrastructure. Zero taxation on that movement.
The holding centralizes strategic decisions. It decides how much each subsidiary gets, when to create a new entity, when to shut one down.
Before the holding
Before I turned 18 I was doing dumb shit. Reselling, networks, illegal betting, schemes of all kinds. I was chasing money, fast, a lot of it, didn't care about consequences. I moved several hundred thousand euros before I was old enough to vote.
When I turned 18 I got police custody, raids at my parents' house, seizures. Everything I had, cash and online, was taken. Several hundred thousand euros seized. Since I didn't have that money anymore I couldn't pay back what I owed left and right. Ended up blacklisted from banking, in debt to institutions and to people who didn't wish me well. Legal problems, family problems, personal problems.
I met my girlfriend at that point. Without her I would have gone back to it. I decided to stop the bullshit and build something clean.
I already had a company in Estonia before the problems. E-Residency, 0% tax on reinvested profits, fully digital. My trouble was in France, in Estonia there were no repercussions. When France shut every door I already had the structure to start over.
FormaCash is the first clean project. First legitimate cash. €971K revenue in 2025. That cash is what made it possible to create the holding and everything else. In parallel I went back to school with a VAE for the Bachelor's and a Master's at ENS in computer engineering, quantum computing specialization.
How it's organized
DVP Holding OÜ owns 100% of 6 subsidiaries. Each one has a distinct tech domain, its own market and its own business model. The holding doesn't generate revenue, it centralizes decisions and manages cash flows between subsidiaries.
FormaCash (EdTech) — €971K revenue in 2025, €47K net profit. The student pays for training (~€4,990) and the hiring company pays a placement fee (10-15% of annual salary). LTV per student: ~€9,890. 6 courses, 60-70% automated, the rest with external trainers.
QuickFund (FinTech) — ~€40K revenue in 2025, €80K in cash, €0 debt. 8 products from €20 micro-loans to €10K+ business credit. The scoring accepts profiles banks refuse, we look at behavior not just history. Zero fees on early repayment, deferral, contract modification.
PixelTrack (SaaS/MarTech) — Multi-channel analytics and tracking platform. Unified dashboard for Meta, Google, TikTok, LinkedIn. AI multi-touch attribution, server-side tracking, email campaigns, ML churn prediction, revenue forecasting. Stack: Next.js, Python/FastAPI, ClickHouse, PostgreSQL.
GLT BTC (Finance) — Group investment portfolio. €1,006,723 as of April 2026. Own capital ~€712K, Amundi margin ~€295K (50% leverage). Annualized IRR: +50%. 122 trades since May 2025. Equities (34%), cash (21%), margin (24%), crypto (6%), bonds (4%), ETFs (4%), indices (4%), commodities (3%). Top positions: Micron (€120K), NVIDIA (€97K), TotalEnergies (€89K), Bitcoin (€60K, +105%).
HackBoot (Cloud Gaming) — 1,500+ clients in 25+ countries, 300% annual growth. Dedicated RTX 4090s, <5ms latency, 4K/120fps. Proprietary anti-cheat with 0% detection rate. ISO 27001, SOC 2 Type II, GDPR certified. Started in a gray area (gaming cheat software) before pivoting to a legitimate structure.
VMCloud (Cloud Infrastructure) — 3 datacenters: Paris (<5ms), Amsterdam (<8ms), Frankfurt (<10ms). 7 products: VPS from €9.99/mo, GPU Cloud from €469/mo, web hosting, PaaS, load balancer, storage, CDN. 99.99% SLA. Team of 6 freelancers, €500K payroll budget.
On top of the 6 subsidiaries I have a sole proprietorship in France for consulting. Technical leadership at Numeriks Corp since mid-2025, software development, systems administration, automation, art direction. Separate from the holding.
How the companies work together
The subsidiaries use each other. Every client won by one subsidiary can become a client of another, it reduces acquisition costs and increases the value of each client across the group.
QuickFund finances FormaCash students. Payment to FormaCash is immediate, the student owes QuickFund not FormaCash. Zero non-payment risk for FormaCash, and QuickFund gets a client with a known risk profile.
FormaCash students use VMCloud during their training. They recommend it at the companies they join afterwards. Zero acquisition cost.
PixelTrack handles acquisition campaign tracking for FormaCash and analyzes credit campaign performance for QuickFund.
VMCloud hosts all group platforms. HackBoot is the first client and primary GPU consumer. Hosting costs are 60-70% cheaper than AWS/GCP because it's internal infrastructure.
GLT BTC manages excess group treasury. The portfolio serves as collateral for the €800K loan from SEB. Profits are reinvested.
Some of these links were planned, others appeared over time. There are synergies not yet activated: GLT BTC as collateral to increase QuickFund's lending capacity, full migration of QuickFund to VMCloud, and volume synergies that need more scale.
In practice: tracking internalized, hosting 60-70% cheaper, student financing internalized, treasury at +50% IRR instead of sitting in a bank account.
Day to day
Managing 6 companies is organization. Each entity has its obligations: accounting, declarations, contracts. In Estonia everything is digital, electronic signatures, online declarations, business registry in 2 clicks. It simplifies things but it's still work.
I have an Estonian accountant who handles accounting for all entities. In the beginning I did it myself to save money, lasted 3 months. Made categorization errors and had to redo everything.
I work from home. School is 100% secondary, I do it on the side. From morning to night my head is in the group's projects, I work on several at the same time. It's not a burden, I enjoy it, I put zero pressure on myself. Consulting for Numeriks Corp is on top of that.
For a long time I did everything alone. Since February-March 2026 VMCloud has a team of 6 freelancers, €500K payroll budget. It's the first subsidiary with a real team. Going from doing everything alone to managing is a different job, you have to learn to delegate and document.
The hardest part is prioritization. 6 projects, each needs to move forward. There are times when some companies advance and others are on pause. That's an area of improvement, the more I delegate the more things can move in parallel.
Mistakes I made
I launched QuickFund too early. Didn't have the technical resources to maintain a FinTech product. The product ran for 2 years without maintenance. Technical debt cost me ~€50K.
Zero automated tests, no database integrity constraints, no logging, no API versioning, no backups, single point of failure. Mid-2025: data losses, double billing, defective scoring that approved risky profiles, reconciliation impossible.
~€18K in unrecorded reimbursements, ~€12K in refunded double billing, ~€15K in non-recoverable loans from bad scoring, ~€5K in restructuring costs. I stopped the service, rewrote everything, restructured the database, brought test coverage to 85%+.
I underestimated QuickFund's working capital needs. Cash goes out before it comes back in: you lend, repayment arrives in 3-36 months. Had to throttle growth to rebuild cash reserves.
I took bank debt too late.
Being blacklisted from French banking means zero plan B. If Estonia had refused the loan I had no alternative.
No dedicated accountant for the first 6 months. Categorization errors, late declarations. Saving a few hundred euros per month cost me more in lost time.
Didn't document enough. When you manage everything alone and it's not written down it doesn't exist. When you start hiring and it's not documented you can't delegate.
Mixed personal and business flows at the beginning. Not a legal issue in Estonia but it makes accounts unreadable.
Tried to advance everything at the same time. 6 companies is 6 companies. There are times when you need to pause one so the others can advance.
Health. I don't sleep, or barely. It affects judgment, clarity, ability to make good decisions. I've made decisions I wouldn't have made if I'd been rested.
Bad judgment calls on people. Trusting too fast, not checking enough, misjudging intentions. When you're managing money and projects, the wrong people show up quickly.
Neglecting personal life and family. When your head is in the projects from morning to night, everything else becomes secondary. It creates tension, it damages relationships. Took me a while to see it.
Not setting boundaries. Between the group, consulting, school, there's no break. Everything blends together. It works short-term but it doesn't hold up long-term without adjustments.
Where things stand
April 2026: 7 legal entities, combined revenue above one million, €1M+ investment portfolio, 3 VMCloud datacenters, 6 employees, €0 debt at holding level, 0% dilution.
FormaCash is still the financial engine. QuickFund is in restructuring, Q1 2026 is the overhaul, Q2-Q4 is growth with the goal of doubling revenue. HackBoot continues 300% annual growth. PixelTrack runs and serves the group. GLT BTC crossed one million.
VMCloud is the big project. Team is in place, datacenters are running, but the roadmap is long: managed Kubernetes, Object Storage, Serverless, VPN, managed databases, Container Registry, monitoring, managed DNS. The challenge is convincing companies to leave AWS/GCP while maintaining a 99.99% SLA.
OVHcloud dependency is the biggest risk. €1.5M in capex over 3 years. If OVH changes their terms it directly impacts VMCloud. Diversifying providers is planned but takes time.
The goal is not to add subsidiaries. It's to grow the ones that are there and strengthen the links between them. The structure is in place, it needs to run.
That's how the group is organized. It's not perfect, there were €50K mistakes, year-long delays, decisions made too late. But the structure is there and the numbers are starting to show.
GL