Romania’s leading financial group Banca Transilvania launched Salt Bank, the first neobank on the local market, on April 4.

Salt Bank — salt means leap or jump in Romanian — was created on the foundations of Idea Bank, which was taken over by Banca Transilvania, according to Ziarul Financiar. However, the ties with the financial group that fully owns it were not visible at Salt Bank’s launch.

"By launching Salt, not only are we bringing the first 100% Romanian neobank to the Romanian market, but we are also proposing a unique perspective that combines technology and finance,” said Gabriela Nistor, director of Salt Bank, who previously worked in Banca Transilvania and was appointed to the management of Idea Bank after the takeover. 

Targeting individuals with Romanian citizenship, the bank has a strong focus on technology and regulatory compliance at the same time. The bank is considering the option to offer services to authorised natural persons and then possibly to micro-companies as well.

Salt Bank promises more affordable and profitable banking. Under a campaign that lasts until October 1, the current accounts will bring a 3% interest if payments over RON1,000 (€200) are made each month from that account.

The bank also offers a multicurrency card with transactions in 17 currencies worldwide.

As a marketing tool, the bank gave future customers the chance to become “founders” and, over time, shareholders of the bank in the eventuality of a stock exchange listing, by setting up accounts in the pre-launch period. 

In less than three weeks, more than 80,000 people joined the waiting list to become Salt founders.