Finnish FinTech Saldo launches banking operations in Lithuania

By Gloria Methri

Financial technology company Saldo Bank, formerly Saldo Finance, has announced the launch of 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 provide loans to Lithuanian consumers and SME customers. The company also plans to introduce new banking services such as payment cards.

Saldo Bank is a supplier of responsible loan solutions in the Nordics. The company’s business model and differentiation is built on the fully automatic lending engine that streamlines the customer’s onboarding and scoring process.

“We are ready to offer broader lending services for consumers and small and medium-sized enterprises, as well as introduce deposits for Lithuanian consumers in April,” said Jarkko Mäensivu, CEO of Saldo Bank.” In the future, the bank will offer more banking services such as cards, increase the availability of SME financing and plan 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.

“Good 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,” explained Mäensivu.

With further expansion on the roadmap, FinTech 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,” said Mäensivu. “We are excited for the next chapter in building a neobank with a superior product offering and the most innovative team.”