Finnish Neobank Saldo Launches Operations in Sweden

Finnish Neobank Saldo Launches Operations in Sweden

Time Stamp: February 26, 2024 5:23 AM
Finnish Neobank Saldo Launches Operations in Sweden PlatoBlockchain Data Intelligence. Vertical Search. Ai.

Saldo Bank, a Finnish neobank with operations centered in
Lithuania and supervised by the Bank of Lithuania, has expanded its services to
Sweden. With a strategic focus on offering competitive interest rates, Saldo
Bank aims to attract customers with its enticing offerings.

Established in Lithuania in 2021, Saldo Bank ventured into
the Finnish market in October 2023, stimulating traditional banks with its
market-leading interest rate offerings. Now, the bank sets its sights on
Sweden, where it intends to capture market share by offering interest rates of
up to 5% on one-year fixed-term accounts, surpassing the closest competitor’s
offer of 4.4%.

Jarkko Mäensivu, the CEO of Saldo Bank, emphasized the need
for fair interest rates, stating: “In our opinion, the interest paid on
fixed-term accounts has been very low for a long time. Interest rates paid to
customers should reflect at least market interest rates. We want to increase
fairness in borrowing.”

Saldo Bank’s Operational Structure and Regulatory
Oversight

Saldo Bank’s technology development center, vital for its
operations, is located in Vilnius, Lithuania. Despite its Finnish background,
the bank’s core banking operations are based in Lithuania and regulated by the
Bank of Lithuania.

In Sweden, Saldo Bank plans to attract customers by offering
competitive interest rates while ensuring the safety of their deposits.
Fixed-term deposits, with a maximum amount of SEK 900,000, are protected under
deposit insurance, providing customers with security and peace of mind.

The funds accumulated through deposits will be channeled
into the bank’s lending business, allowing Saldo Bank to expand its loan
portfolio in Sweden. Mäensivu affirmed the bank’s commitment to growth in
Sweden, stating: “We want to grow in Sweden. We use local
funds to grow our loan portfolio in Sweden.”

Saldo Bank, a Finnish neobank with operations centered in
Lithuania and supervised by the Bank of Lithuania, has expanded its services to
Sweden. With a strategic focus on offering competitive interest rates, Saldo
Bank aims to attract customers with its enticing offerings.

Established in Lithuania in 2021, Saldo Bank ventured into
the Finnish market in October 2023, stimulating traditional banks with its
market-leading interest rate offerings. Now, the bank sets its sights on
Sweden, where it intends to capture market share by offering interest rates of
up to 5% on one-year fixed-term accounts, surpassing the closest competitor’s
offer of 4.4%.

Jarkko Mäensivu, the CEO of Saldo Bank, emphasized the need
for fair interest rates, stating: “In our opinion, the interest paid on
fixed-term accounts has been very low for a long time. Interest rates paid to
customers should reflect at least market interest rates. We want to increase
fairness in borrowing.”

Saldo Bank’s Operational Structure and Regulatory
Oversight

Saldo Bank’s technology development center, vital for its
operations, is located in Vilnius, Lithuania. Despite its Finnish background,
the bank’s core banking operations are based in Lithuania and regulated by the
Bank of Lithuania.

In Sweden, Saldo Bank plans to attract customers by offering
competitive interest rates while ensuring the safety of their deposits.
Fixed-term deposits, with a maximum amount of SEK 900,000, are protected under
deposit insurance, providing customers with security and peace of mind.

The funds accumulated through deposits will be channeled
into the bank’s lending business, allowing Saldo Bank to expand its loan
portfolio in Sweden. Mäensivu affirmed the bank’s commitment to growth in
Sweden, stating: “We want to grow in Sweden. We use local
funds to grow our loan portfolio in Sweden.”

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