Saldo Finance, a leading Nordic Fintech company, recently established a subsidiary Saldo Finance UAB in Lithuania. Saldo Finance is a provider of fully automated credit and payment solutions in Finland and this is the first step to expand operations to Baltics and especially Lithuania.
Saldo Finance UAB is first going to create a new development center in Lithuania and then seek opportunities to expand the company's lending operations to Lithuania in the second half of 2020. The plan is to steadily grow a Lithuanian team of software developers in the following years, and employ software developers from the beginning of 2020.
One of the reasons to choose Lithuania and Vilnius for the next development hub was because of the availability of high quality employees and a strong culture of international companies. For example, Vilnius was ranked the most attractive city for tech startups in 2019.
The regulatory environment of Lithuania is progressive and forward-looking. For example, the Bank of Lithuania offers active support for new Fintechs establishing businesses in Lithuania and sandboxes for built and test connections to governmental services. Also, Invest Lithuania helps newcomers in finding the right partners, networks and setting up the business.
The amount of Fintech companies in Lithuania has grown annually and the country is also one the most active in granting E-money and payment institutions licenses in Europe. Lately Brexit has accelerated this development and now also Saldo Finance expanding its operations to this active Fintech center of Europe.