We discuss the connections between the recently observed Higgs-like particle
and rare B decays in the context of two Higgs doublet models (2HDMs). The
measured decays of the Higgs boson to fermions and gauge bosons, along with the
observation of the decay B_s -> \mu+ \mu-, place stringent restrictions on the
allowed parameter space of 2 Higgs doublet models. Future measurements of h0 ->
\gamma \gamma can potentially exclude type I 2HDMs, while the parameters of
other 2HDMs are already severely restricted. The recent observations of the h0
-> \tau+ \tau- and h0 -> b bbar decays further constrain the models.