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Saldo named in Fintech Farm’s annual guide for the second year running


In 2019, Fintech Farm recognised Saldo as a provider to watch as it out-performed the Finnish fintech industry’s average growth by an impressive 59%. This year, Saldo advanced to the ‘Established’ category, and was recognised for overcoming 2020 challenges with an energetic and flexible approach.

For the second year in a row, Saldo sparkles among the names on Fintech Farm’s annual guide to Finland’s largest fintech companies and start-ups in the nation. The prestigious guide is collated each year by the digital finance innovation service provider using official financial statements which, in Finland, are classified as public information.

This year’s mention is particularly important, as it recognises Saldo as a provider with a stable business model, demonstrated by a decade of success. Despite the challenges of 2020, Saldo graduated from Fintech Farm’s ‘Scaleup’ category, which represents 5-10-year-old companies, and was this year included in the ‘Established’ category.

Saldo finds itself in excellent company on the list this year, and the competition is fierce. Of the 140+ fintech companies Finland is home to, Saldo is the country’s second-largest lending operator.

A year of challenges and changes

Saldo’s resilience was tested during 2020, with unexpected challenges that changed the way we look after our customers, our team and our stakeholders. As a company, we discovered our ability to swiftly adapt to trying circumstances, learning and responding as situations remained unstable. Most importantly, 2020 confirmed that Saldo’s business strategy is solid, and one that will survive the toughest times.

Fintech Farm’s list reflects Saldo’s decrease of net sales in 2020 by 37%, which was anticipated and managed accordingly. The tougher times were overcome with good business sense, contingency plans and a focus on preservation of assets.

The company’s asset situation improved: liquid funds increased by €13.9 million, external loans were repaid during the financial year, and at the end of the financial year on 31 December 2020, the company had no loans from financial institutions

Scaling for success

The Scaleup category was introduced in 2019 to take into account companies that had progressed beyond the start-up phase, but were still focused on growth in comparison to more established companies. Rankings in the category were based purely on revenue.

Saldo’s mention in Fintech Farm’s guide the previous year celebrated the company roaring ahead of the Finnish fintech industry’s average growth by an impressive 59%. Noted as the largest company in the aforementioned Scaleup category, Saldo also achieved the ranking of being the seventh largest fintech in Finland.

The future shines bright

Saldo anticipates a return to normal operations as the temporary restrictions on interest rates and a ban on direct marketing are lifted by the Finnish government in coming weeks.

The consumer-lending firm opened its doors in Lithuania in Q1 of 2021, and also has offices in Sweden where it will launch a new revolving credit, ‘Saldo Kredit’ in Q3 2021. This will meet the demands of Swedish customers and will allow the company to grant larger loans and extended loan maturity dates.


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