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Financial report

Q3 2021 Saldo expanded operations in Sweden


Despite restrictive emergency regulations, Saldo achieved a turnover of EUR 5.9 million (EUR 6.8 million in 2021 Q2) with an operating profit of EUR 3.9 million (EUR 4 million in Q2 2021) in Q3. Business development and the expansion of Saldo Finance remained stable despite lingering pandemic-related challenges.

A strong newcomer to the Swedish market

During the third quarter, Saldo launched Saldo Kredit: a new consumer loan product tailored for Swedish consumers. Saldo Kredit’s flexible revolving credit structure allows Saldo to grant larger loan amounts with longer maturities. As the loan amount grows, Saldo has the capacity to serve an increasing customer base and extend existing one-time transactions to long-term arrangements, leading to more valuable customer relationships. Saldo Kredit was well received during Q3, indicating strong growth opportunities within the Swedish market.

During Q4 Saldo is focusing on the internet bank platform to the Swedish market, empowering customers to manage their own loan products. Benefits for customers include the ability to make additional withdrawals, check remaining credit and pay outstanding invoices. Internet bank is an excellent follow-up and support product to Saldo Kredit, and its release is expected to improve and strengthen customer satisfaction.

Restrictions on Saldo’s operations in Finland, including a temporary interest rate cap and ban on direct marketing of loan products, were lifted at the end of September. This allowed Saldo to resume direct consumer communications and meet pent-up demand for new loans. The liberalisation of the market is expected to increase the company’s domestic lending and turnover, and the positive impact will be evident in Q4 results.

Looking to the future

The successful launch of Saldo Kredit in Sweden was in-line with the company's strategy of expanding into existing markets with new products tailored to meet the needs of the customer base. The internet bank platform will follow suit, its features and usability designed to evolve to the nuances of the market.

Saldo aims to continuously launch new loan products, and will next focus on opening a corporate loan product in Lithuania for small and medium-sized enterprises. Strong market demand for corporate loans presents a market gap for Saldo to provide loans to companies in a fast and secure way, and without additional collateral.

The main strategic achievement of the autumn took place shortly after the close of Q3. At the end of October, Saldo met the main objective of its strategy period when the European Central Bank granted a specialised banking license to Saldo Finance's subsidiary, Saldo UAB. This license will enable the provision of standard banking services, such as deposits, to consumer customers throughout the EU, significantly increasing the volume of business and facilitating the opening of new markets.

Further information:

Jarkko Mäensivu


Saldo Finance Plc

Tel. +358 50 470 1006

Saldo in brief:

Saldo Finance Plc is a Finnish financial services company and a leading provider of fully automated credit solutions in Finland. Saldo offers flexible loans and car financing for both consumers and businesses. The company's advanced scoring system ensures responsible lending, and its own lending system supports business growth also internationally.

Saldo is a solvent and reliable partner whose whose profit has remained steady despite the pandemic. In 2020, the company's net sales were EUR 34 million and operating profit EUR 15 million. Saldo Finance Plc had 44 employees at the end of 2020.


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