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In line with its business strategy, Magnetiq Bank continues its determined shift towards developing digital financial solutions and strengthening its position in the fintech sector. As of 3 November 2025, the Bank will cease offering term deposits to private individuals, and from 12 December 2025, safe deposit box services will also be discontinued.
In 2024, Magnetiq Bank introduced a new strategic direction, concentrating its services and resources on the needs of business (B2B) clients by providing banking infrastructure, segregated accounts, and modern payment solutions.
“This is a logical and well-considered stage of development, allowing us to focus even more on clients whose needs are driven by digital, integrated, and adaptable solutions. Discontinuing term deposits and safe deposit box services for private individuals enables us to optimize processes and increase investments in innovation and product development specifically for the B2B sector,” said Deniss Fiļipovs, Member of the Management Board of Magnetiq Bank.
Magnetiq Bank has long been developing solutions in the fintech and e-commerce sectors – from Banking-as-a-Service (BaaS) to modern payment solutions for e-commerce. These products form the foundation of the Bank’s service offering, and their development will be given even greater priority with the aim of ensuring growth in both the local and European markets.
This strategic step strengthens Magnetiq Bank’s position as an innovation-driven fintech partner capable of serving modern, fast-growing companies, while gradually moving away from traditional banking services.
About Magnetiq Bank
AS Magnetiq Bank is a Latvian bank focused on serving the needs of fintechs, startups, and e-commerce service providers by offering banking infrastructure, segregated accounts, payment solutions, and lending services to support their growth. The bank’s mission is to foster the development of the startup and e-commerce sectors through innovative technology and exceptional customer service. Magnetiq Bank is part of the Signet Bank Group, with its sole shareholder being Signet Bank AS, Latvia’s leading investment bank focused on financing and attracting investment for local entrepreneurs and their companies.
