PickTheBank opens European banking to Cyprus savers

Founder and CEO of PickTheBank on cross-border savings, trust, and the company’s focus on CyprusAlexander Gromov explains why Europe’s savings market remains fragmented, how PickTheBank gives customers access to licensed banks and higher savings rates without holding their money, and why Cyprus is the company’s immediate priority. PickTheBank started in 2022 as a comparison platform for European savings products. Today, you have expanded into a platform where customers can also apply for and manage deposits with selected partner banks. What drove this evolution, and what have you learned about the needs of European savers? PickTheBank began with a personal question: where should I keep my savings to earn a better return without unnecessary risk? In 2023, we launched a comparison platform covering rates from almost every retail bank in Europe. It quickly gained popularity, especially in Western Europe. We learned comparison alone was not enough, particularly for us in Cyprus. Knowing a better rate exists abroad differs from being able to access it. Customers need a familiar language, effective onboarding and confidence their money goes directly to a licensed bank. That is why, in 2025, with Lidion Bank in Malta, we expanded into customer onboarding and fixed-term deposit management. Today, thousands use PickTheBank to find, apply for and manage savings products. The lesson is simple: people want competitive rates, convenience and local support. A European deposit should be as easy to open and manage as one at home. Europe has a single market, but banking and savings remain highly fragmented across national borders. What are the biggest barriers preventing Europeans from accessing savings products in other EU countries, and how is PickTheBank trying to remove that friction? Europe has a single banking market on paper, but savings remain largely national. Customers in Cyprus may never discover or access competitive banks in Germany, Italy, Malta or the Baltics, while banks face significant costs to localise products, onboarding, support, marketing and operations country by country. This creates major differences in rates for similar euro deposits. Some European markets currently offer returns of up to 3.5 per cent in EUR, while many customers in Cyprus earn very little, allowing inflation to reduce their savings’ real value. This fragmentation has a real cost. Average household deposit rates in Cyprus remain among the euro area’s lowest, while statistics indicate that the average Cypriot holds around €30,000 in banks. If €30,000 earns 0–1 per cent locally instead of 3.5 per cent, the annual difference is approximately €750–€1,050. PickTheBank bridges this gap through a familiar localised interface, while helping partner banks reach new markets without rebuilding their customer-facing infrastructure. Trust is critical when a fintech company is helping people make decisions about their savings. How does the PickTheBank model work in practice, particularly around regulation, customer funds, deposit protection, and relationships with partner banks? How do you convince customers to look beyond their traditional local bank? First, customers choose PickTheBank to diversify their savings. Those with larger balances may not want everything in one institution. Since eligible deposits are generally protected up to €100,000 per depositor, per bank, accessing additional banks can reduce concentration risk and make better use of deposit protection. Second, PickTheBank is a service partner to licensed banks, not a bank, and never holds customer funds. The partner bank provides the deposit, holds the contractual relationship and receives the money after approval. PickTheBank provides technology, onboarding, a localised interface and support, while the banking product, funds and deposit protection remain with the bank. This aligns with customers’ desire to keep savings with banks rather than a fintech that invests or reallocates them. Third, thousands of customers have used PickTheBank, and millions of euros have been placed with partner banks, demonstrating demand for competitive rates, diversification, transparency and bank-held savings. PickTheBank is headquartered in Limassol but is addressing a European market. What are your priorities for the next 12–24 months? Are you planning to add more partner banks, markets or financial products, and are there any new partnerships, investment plans or announcements you can share with us? Our priorities are focused on two areas. First, we see strong organic demand in Cyprus. Over the next 12 months, we plan to localise the product further and focus more of our marketing efforts here. PickTheBank started from a problem we experienced ourselves, and we are excited to bring more value and a broader range of savings options to customers in Cyprus. Second, we are working on adding new partner banks. We hope that already this autumn Cypriot customers will be able to access a second partner bank through PickTheBank, giving them more choice, better diversification and access to a wider range of competitive deposit rates. Our longer-term ambition remains European: one familiar platform, available in local languages, where customers can preserve and grow their savings with licensed banks across the EU. About PickTheBank PickTheBank is a European savings platform based in Cyprus. It helps customers compare savings products, apply for and manage partner bank fixed-term deposits through a localised digital interface. PickTheBank acts as a service partner to licensed banks and never holds customer funds. Customers transfer funds directly to the relevant bank. Learn more: pickthebank.eu About Lidion Bank Lidion Bank plc is a credit institution registered in Malta and licensed by the Malta Financial Services Authority, or MFSA. The bank combines traditional banking services with digital solutions, including financing, cash management, treasury operations and multi-currency services. Lidion Bank serves retail depositors with the support of PickTheBank. Learn more: lidionbank.com Media Contact PickTheBank Email: [email protected] Website: pickthebank.eu