Finnish fintech Saldo Bank launches banking operations in Lithuania

Having built regulatory readiness after obtaining a specialized banking license from the European Central Bank, Saldo Bank will introduce term deposits and continue to provide loans to Lithuanian consumers and SME customers. The company also has plans to introduce new banking services such as payment cards. Therefore, the company plans to expand its local team and then expand to other countries.

Saldo Bank is a leading provider of responsible lending solutions in the Nordics. The company’s business model and differentiation is built on the fully automatic lending engine that streamlines the customer’s introduction and scoring process, and provides personalized loan offers immediately for both consumers and SMEs.

After growing into one of Finland’s top Fintechs, Saldo Bank embarked on a new strategic direction in 2019, deciding to transform itself from a domestic Fintech business into an international digital bank. Contributing to this transformation was receiving a specialized banking license from the European Central Bank in October 2021. Now Saldo Bank is taking the next step towards becoming a progressive neobank.

“We are ready to offer broader lending services for consumers and SMEs, as well as introduce deposits for Lithuanian consumers in April,” says Jarkko Mäensivu, CEO of Saldo Bank.” In the future, Saldo Bank will offer more banking services such as cards, increase SMB funds accessibility and plans to expand our banking operations in Finland and Sweden by sending our specialized banking license.”

Saldo Bank started operations in Lithuania in 2020. Over the past two years, the company’s Vilnius office has doubled its staff, currently employing over 35 people and serving as Saldo Bank’s global headquarters.

“Favourable regulatory environments have attracted Fintechs and other financial companies to Lithuania for some time now. Saldo Bank has also benefited from both the Fintech-friendly regulation and the technology know-how hub in Vilnius,” explains Jarkko Mäensivu.

With further expansion on the roadmap, Saldo Bank expects to grow its Lithuanian team over the next few years. The company will be looking for professionals in software development, digital marketing, analytics, scoring, risk management, AML/KYC processes and product development.

“We strive to find smart, passionate and driven experts who can support our strategy and execution,” says Jarkko Mäensivu. “As a company, we are excited about the next chapter of building a neobank with a superior product offering and the most innovative team.”

According to Elijus Čivilis, CEO of Invest Lithuania, the fact that Saldo chose Lithuania as its base of operations illustrates the strength of the country’s Fintech sector.

“There is no doubt that we have created a fertile environment for dynamic, growing and international financial businesses like Saldo. With its proprietary systems, scalable products and responsible operations, the company is a valued member of our Fintech community.”