Finnish Fintech Saldo Receives European Central Bank’s Specialised Banking Licenseby Fintechnews Nordics November 1, 2021
Saldo Finance, a subsidiary of Finnish Saldo Finance Plc, has been granted European Central Bank’s (ECB) specialised banking license in Lithuania.
ECB’s specialised banking license 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.
The company entered the Lithuanian market in March 2021 where Saldo started its operations by offering consumer loans and will next bring different financing solutions for SMEs.
Established in 2006, Saldo is an international responsible loan provider, offering financial services in Finland, Sweden and Lithuania and has served over 500,000 customers, with a €34 million annual turnover in 2020.
Saldo leverages 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.
“We are about to introduce SME lending in the Lithuanian market that has been lacking funding for this kind of businesses. ECB’s banking license will also make it possible for us to offer a larger scale of services for consumers.
The granted banking license is valid for the whole European Union, and we plan to take it into use also in our other countries of operation,”
said Jarkko Mäensivu, CEO of Saldo Finance.
This article first appeared on fintechbaltic.com