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Financial report

Saldo’s 2020 Q3 results show continued steady progress


Saldo Finance Plc continued its steady progress during the third quarter of 2020 despite legislative changes affecting the sector. Turnover was EUR 8,2 million (2020 Q2 EUR 8,9 million), operating profit EUR 4,9 million (2020 Q2 EUR 5,5 million) and net profit EUR 3,9 million (Q4 2020 EUR 4,4 million).

In an anticipated move, the Finnish government tightened the interest rate on consumer loans in July 2020. The temporary cap, which came into force on the first day of July and is valid until at least the end of 2020, reduced the interest rate on all new consumer loans to 10%. However, Saldo’s optimisations in a further tightening situation have proven effective, demonstrating stability in Q3 compared to previous quarters, and having little impact on business operations. This is evidenced in Saldo offering instalment-free periods for its customers during Q3.

The position in Sweden grows steadily and internationalisation continues

Saldo’s daughter company, Tact Finance AB, began operations in Sweden during Q2 2020 with the launch of Saldo SMS Lån. SMS Lån is a small loan product for consumers with a user-friendly onboarding process and an automated scoring system. The product found its niche in the market during the third quarter and continues to demonstrate steady sales growth.

Saldo’s continued success in Sweden has accelerated the company’s growth strategy. The next step is to achieve further internationalisation with the commencement of lending operations in Lithuania, the preparation of which began during Q3. Lithuania is an excellent strategic expansion target for Saldo, offering great data sources that support responsible lending and align with Saldo’s values.

Saldo will continue to develop its product portfolio in 2020

Saldo is constantly developing its product portfolio to offer customers the best and most comprehensive range of services possible. At the beginning of 2020’s third quarter, Saldo Safe loan insurance was launched to provide financial stability for customers facing challenging times. The insurance has been well received by both new and existing customers, achieving stable popularity indicated by an increased number of customers opting for payment security insurance on their loans.

Each development step taken during the third quarter has taken Saldo forward in accordance with the company's growth strategy. The milestones achieved and planned next steps are in line with Saldo's vision of becoming an international financial institution with market leading onboarding and scoring systems that make it a strong player in all 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 net sales have grown by 56 per cent in the last three years. In 2019, the company's net sales were EUR 54 million and operating profit was 51 per cent of net sales. Saldo Finance Plc had 27 employees at the end of 2019.


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