Finnish fintech Saldo Finance received ECB’s specialised banking licence

Established in 2006, Saldo is an international responsible loan provider, offering financial services in Finland, Sweden and Lithuania. Saldo is one of Finland's largest fintechs. The company has served over 500,000 customers, and in 2020, it had a €34 million annual turnover.

Saldo’s unique competitive strength is based on a fully automated lending process with a proprietary scoring system that enables fast and secure, customised loan offers in a responsible way and taking into account the market characteristics in different countries. Saldo was one of the first companies in Finland to introduce measures in accordance with EU’s PSD2 procedure for reviewing account information and thus became one of the first lenders to utilise ”Open banking” information.

Saldo’s customers include consumers and SMEs. Since 2019, the company has been investing in SME funding and the international opportunities it offers. Saldo entered the Swedish market in May 2020 and the Lithuanian market in March 2021. In Lithuania, Saldo started its operations by offering consumer loans and will next bring different financing solutions for SMEs.

Lithuania offers excellent conditions for responsible lending that is one of Saldo’s core values. In Lithuania, responsible lending is supported by information sources that help financing companies such as Saldo to consider the circumstances of every individual customer even better.

“We are about to introduce SME lending in the Lithuanian market that has been lacking funding for this kind of businesses. ECB’s banking licence will also make it possible for us to offer a larger scale of services for consumers. The granted banking licence is valid for the whole European Union, and we plan to take it into use also in our other countries of operation,” comments Jarkko Mäensivu, CEO of Saldo Finance.

ECB’s specialised banking licence will make it possible for Saldo to accept deposits, grant loans and provide funds transfer and other usual banking services with the exception of investment services. With the business volume multiplying, Saldo will be able to expand its product portfolio into other financing products. ”Ultimately, this licence will bring better service to all our customers,” comments Mäensivu.

”During this strategy period, Saldo’s target was to grow into an international financing company. We have reached this target, and the development is now peaking with the company starting as a completely digital bank. In the next strategy period, we will be able to utilise our larger scale and introduce new innovative products. We intend to continue to offer our customers and partners the most technologically advanced solutions in the industry,” concludes Mäensivu.