Saldo Bank launches banking operations in Lithuania

Fintech company Saldo Bank UAB has started banking operations in Lithuania from February 2023.

Saldo Bank, formerly Saldo Finance UAB, received its specialized banking license from The European Central Bank in October 2021. As a result, the bank can now introduce term deposits and continue to provide loans to consumers and SMEs across Lithuania.

Fintech also has plans to introduce new banking services, including payment cards. After this, Saldo Bank looks to expand its local team and expand to more countries. The company explained that it will eventually look for professionals in software development, digital marketing, analytics, scoring, risk management, AML/KYC processes and product development.

Saldo Bank’s business model is built on a fully automated lending engine, which wants to streamline customer onboarding and scoring processes. It is able to provide personal loan offers instantly for all customers.

Jarkko Mäensivu, CEO of Saldo Bank, explained how fintech is preparing and aiming to become a progressive neobank. Mäensivu said: “We are ready to offer broader lending services for consumers and SMEs, as well as introduce deposits for Lithuanian consumers in April.

“In the future, Saldo 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 ‘fitting’ our specialized banking license.”

Preparing expansion from Lithuania

Saldo Bank’s operations began in Lithuania in 2020. Since its establishment, the office in Vilnius – the capital of Lithuania – has grown to employ 35 people at the end of 2022, serving as Saldo Bank’s global headquarters.

Mäensivu explained the decision for Saldo Bank to locate its business base in Lithuania. He said: “Favorable regulatory environments have drawn fintechs and other financial companies to Lithuania for some time now. Saldo Bank has also benefited from both fintech-friendly regulation and the hub of tech know-how in Vilnius.”

Elijus Čivilisgeneral manager at Invest Lithuania, explained the strength of the country’s fintech sector. Čivilis commented: “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.”