Saldo Bank has introduced term deposits and continues providing loans for consumers and SMEs across Lithuania. 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 receiving a specialised bank licence from the European Central Bank in October 2021. Now, Saldo Bank is taking the next step towards becoming a progressive neobank. The fintech also has plans to introduce new banking services, including payment cards.

Following this, Saldo Bank looks to grow its local team and expand to further 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. In the future, Saldo Bank will offer more banking services like cards, increase SME finance availability and plan to expand their banking operations in Finland and Sweden by ‘passporting’ their specialised bank licence.

Saldo Bank’s business model is built on a fully automated lending engine, looking to streamline customer onboarding and scoring processes. It is able to provide personalised loan offers instantly for all customers. Lithuania’s banking sector Lithuanian banking transformed.

Not in vain did Luminor Bank transfer its IT infrastructure to technology giant IBM in 2021. Banks are no longer just credit institutions. They are technology companies that hold credit institution licences.

This offers new opportunities and also dictates new challenges. In the digital era, the security and stability of banking IT systems are becoming top priorities for the coming period. Its symbolic start can be considered in 2018, when Revolut, the first virtual bank or neobank, began to operate in Lithuania.

Revolut is a technology company that provides only virtual financial services with no physical branches. Traditional financial and credit institutions have also successfully implemented the concept, and the range of services offered electronically is constantly expanding. By the end of 2021, there were over 260 fintech companies and counting in Lithuania.

Vilnius is now an innovative city that relies on its mature digital infrastructure and highly educated talent pool for the foundation of its fintech success. .