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Saldo Bank Announces Launch of Banking Operations in Lithuania - Everly.eu
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New York
Friday, April 19, 2024
Home Challanger banks Saldo Bank Announces Launch of Banking Operations in Lithuania

Saldo Bank Announces Launch of Banking Operations in Lithuania

Saldo Bank, formerly known as Saldo Finance, has announced that it will be launching banking operations in Lithuania in February 2023. This move comes after the company obtained a specialized bank license from the European Central Bank, allowing it to introduce term deposits and continue providing loans for Lithuanian consumers and SME customers.

Saldo Bank also has plans to introduce new banking services, such as payment cards. The company intends to grow its local team and then expand to other countries in the future.

Leading Provider of Responsible Lending Solutions

Saldo Bank claims to be a leading provider of responsible lending solutions in the Nordics.

Its business model and differentiation are built on its fully-automated lending engine, which streamlines the customer onboarding and scoring process, providing personalized loan offer instantly for both consumers and SMEs.

Transforming into an International Digital Bank

After growing into one of Finland’s top-performing fintechs, Saldo Bank embarked on a new strategic direction in 2019, deciding to transform from a domestic fintech business into an international digital bank.

Instrumental to this transformation was the receipt of a specialized bank license from the European Central Bank in October 2021, allowing Saldo Bank to take the next step towards becoming a progressive neobank.

Saldo Bank’s Growth in Lithuania

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

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

According to Elijus Čivilis, General Manager at Invest Lithuania, the fact that Saldo chose Lithuania for its base of operations “illustrates the strength of the country’s fintech sector.” With its proprietary systems, scalable products, and responsible operations, the company is a valued member of Lithuania’s fintech community.

Final Thoughts

Saldo Bank’s launch of banking operations in Lithuania is a significant step in the company’s transformation from a domestic fintech business into an international digital bank. With the introduction of new banking services, the company aims to grow its local team and expand to other countries in the future.

Saldo Bank’s fully-automated lending engine and responsible operations have made it a leading provider of lending solutions in the Nordics, and the company is expected to make a valuable contribution to Lithuania’s fintech sector.

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