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 specialised bank licence from the European Central Bank, Saldo Bank will introduce term deposits and provide loans for Lithuanian consumers and SME customers. The company also plans to introduce new banking services like payment cards.

Saldo Bank is a provider of responsible lending solutions in Nordics. The company’s business model and differentiation are built on its fully-automated lending engine that streamlines the customer onboarding and scoring process.

“We are ready to provide wider lending services for consumers and SMEs as well as introduce deposits for Lithuanian consumers in April,” said Jarkko Mäensivu, CEO at Saldo Bank.” In the future, the bank will offer more banking services like cards, increase SME finance availability and plan to expand our banking operations in Finland and Sweden by passporting our specialised bank licence.”

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.

“Favourable regulatory environment has been attracting FinTechs and other financial companies to Lithuania for some time now. Saldo Bank has also benefited from both the Fintech-friendly regulation and the hub of tech knowledge in Vilnius,” Mäensivu explained.

With further expansion on the roadmap, the 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 about the next chapter of building a neobank with a superior product offering and the most innovative team.”