First Romanian neobank launches on the market

The first Romanian neobank officially launched on the market on Thursday, April 4. Named Salt Bank, the new entity is based in Romania and is wholly owned by Banca Transilvania Financial Group, the largest bank in SEE.

Salt Bank was created following the purchase of Idea Bank by Banca Transilvania, according to Ziarul Financiar.

The new bank promises to offer a 100% digital experience, combining the financial stability of a traditional bank with fintech technology.

Gabriela Nistor, CEO of Salt Bank, said: "By launching Salt, we are not only bringing the first 100% Romanian neobank to the Romanian market, but we are also offering a unique perspective that combines technology and finance.”

Salt Bank offers its customers the opportunity to become founders and, over time, shareholders of the bank in the eventuality of a stock exchange listing, the company said. Plus, customers also get 3% yearly interest on the main current account and Spaces if they make payments of at least RON 1,000/month. According to the press release, Spaces is the new bank’s space dedicated to start saving.

Salt Bank also brings a multicurrency card with transactions in 17 currencies worldwide and a dedicated app.

In less than three weeks, more than 80,000 people signed up on the waiting list to become Salt founders as part of the bank's pre-enrolment programme.

According to Ziarul Financiar, Salt Bank will initially be aimed only at individuals, later expanding to authorized natural persons and then possibly to micro-companies.

Idea Bank was the third bank acquired by Banca Transilvania (2021) after Bancpost (2018) and Volksbank Romania (2015).

(Photo source: Salt Bank)