Versobank
Versobank AS was a defunct Estonian mid-sized commercial bank (1999-2018) offering retail, corporate, private banking and investment services via the ibVerso platform and Tallinn/Riga branches before its ECB license was revoked over AML deficiencies.
- Company typePrivate
- Founded1999
- HeadquartersTallinn, Estonia
- Headcount101–250
- GTM typeB2B and B2C
- OfferingServices
What Versobank does
Versobank AS was an Estonian commercial bank founded in 1999 that operated until its credit institution license was revoked by the European Central Bank on March 26, 2018. Originally established as Fortis Bank AS under the Belgian-Dutch Fortis Group, the entity was rebranded to Fortis Private Banking during the early 2000s and subsequently renamed Versobank AS in 2010 following the post-crisis breakup of Fortis. From its headquarters in Tallinn and a branch in Riga, Latvia, the bank served four customer segments: Estonian retail/private individuals, corporate and business customers, high-net-worth private banking clients, and a materially significant non-resident corporate book. Its product suite spanned settlement and savings accounts, domestic and SEPA payment services (including SEPA Instant Credit Transfers after July 2017), foreign currency accounts and exchange, consumer and home loans with terms up to 30 years, Visa and MasterCard payment cards, time deposits, and a broad investment services catalogue covering shares, ETFs, bonds, options, futures, CFDs, warrants, and investment funds. Distribution combined a physical branch counter channel with the proprietary ibVerso internet banking platform, supporting authentication via Estonian ID-card, Mobile-ID, Smart-ID, Digipass, and code card.
The bank's revenue model was a classic spread-plus-fee construct: interest income from lending (home loans, consumer credit, corporate loans priced at 6-month EURIBOR plus margin or the bank's 1.25% Base Rate), fee and commission income from payments, account maintenance, card issuance, FX conversion and investment services, and securities/investment services income across a wide instrument range. GTM was direct-to-consumer and direct-to-SME via branches and counter service, supplemented by 24/7 self-service through ibVerso. Marketing presence was a multi-language corporate website (Estonian, English, Russian) and social media from 2013.
Versobank AS is now a defunct entity. ECB license revocation was triggered by serious and persistent AML/CFT deficiencies and ineffective governance linked to the non-resident business segment. Forced liquidation followed under Harju County Court with KPMG-appointed liquidators. The loan portfolio was sold to LHV Pank AS in January 2019, customer reimbursements were terminated in November 2019, and the ibVerso platform was shut down in June 2020. The versobank.com domain no longer hosts a banking business and currently serves unrelated Estonian-language casino offer comparison content, with no disclosed successor banking operation.
Versobank firmographics
Firmographics- Name
- Versobank
- Legal name
- Versobank AS
- Website
- https://versobank.com
- Company type
- Private
- Founded year
- 1999
- Operating status
- Closed
- Headcount range
- 101–250 employees
- Short description
- Versobank AS was a defunct Estonian mid-sized commercial bank (1999-2018) offering retail, corporate, private banking and investment services via the ibVerso platform and Tallinn/Riga branches before its ECB license was revoked over AML deficiencies.
- Ownership category
- akta.pro rank
Versobank industry classification
Industry- Product category
- Commercial Banking
- NAICS
- Depository Credit Intermediation (5221)
- SIC
- State Commercial Banks (6022)
- akta.pro primary industry
- SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC)
- akta.pro secondary industry
- Card Issuing & Program Management Platforms (BPAMAFAH)
Keywords
Where Versobank is headquartered
LocationHeadquarters
- HQ city
- Tallinn
- HQ country
- Estonia
- HQ region
- Europe
Offices3 records
Markets served
Versobank business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others
Revenue model
- Interest Income: The bank earned interest income from its lending portfolio, including home loans, consumer loans, and business loans. Interest was charged on revolving credit limits and term loans, with rates referenced to 6-month EURIBOR or the bank's own Base Rate.
- Fee and Commission Income: Income generated from payment processing fees, account maintenance fees, payment card fees (issuance and maintenance), currency exchange commissions, investment service fees, and other banking service charges.
- Securities and Investment Services: Revenue from investment services including securities transactions, financial instruments trading, and portfolio management fees. The bank offered a range of instruments: shares, ETFs, bonds, options, futures, CFDs, warrants, and investment fund units.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Pay-as-you-go | Base Interest Rate for loans — 1.25% p.a. (effective 01/03/2016) |
| Subscription | Monthly | Home loan — EURIBOR + 2.5% margin or Base Rate + margin |
| Subscription | Monthly | Visa Classic credit card — credit limit from €650, €3/month, 20% p.a. |
| Subscription | Annual | Visa Gold credit card — credit limit from €1,000, €50/year, 18% p.a. |
| Subscription | Annual | Visa Platinum credit card — €200/year, 16% p.a. |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels4 records
Versobank product offering
Product offeringCore offering
Versobank AS was a full-service Estonian commercial bank providing retail, private, and corporate banking products. Core offerings included current and savings accounts, domestic and SEPA payment services (including SEPA Instant Credit Transfers), foreign currency accounts and exchange, consumer and home loans, Visa and MasterCard payment cards, time deposits, and investment services covering securities, ETFs, bonds, options, futures, CFDs, warrants, and funds. Services were delivered through physical branches (Tallinn HQ, Riga branch) and the proprietary ibVerso internet banking platform supporting multi-channel authentication (ID-card, Mobile-ID, Smart-ID, Digipass).
Product overview
Versobank AS was a medium-sized Estonian commercial bank offering a comprehensive suite of retail, private, and corporate banking products and services. The core offering centered on the ibVerso internet banking platform, which integrated account management, payments, and securities services. The product portfolio included settlement and savings accounts, domestic and SEPA payment services (including SEPA Instant Credit Transfers), foreign currency accounts and exchange, consumer and home loans with up to 30-year terms, Visa and MasterCard payment cards (Classic/Gold/Platinum tiers), time deposits, and investment services via the MetaTrader platform for FX trading. Authentication was multi-channel via ID-card, Mobile-ID, Smart-ID, Digipass, or code card. The bank operated a branch in Riga, Latvia, and served both Estonian residents and non-resident corporate clients. All operations ceased in 2018 following ECB license revocation and subsequent forced liquidation.
Differentiator
Problem solved
Functional benefit
Products and services
- ibVerso Internet Banking Platform Proprietary internet banking platform enabling customers to perform domestic and international payments, view account balances and transactions, manage securities portfolios, convert currencies, and access electronic services including tax authority, e-register, and pension center integrations. Accessed via Estonian ID-card, Mobile-ID, Smart-ID, Digipass, or code card authentication. Service was discontinued in June 2020 following bank liquidation.
- Settlement and Savings Accounts Current and savings accounts in EUR and foreign currencies for retail and business customers, enabling domestic and SEPA payment services and day-to-day banking transactions.
- Domestic and SEPA Payment Services Payment services including domestic transfers, SEPA payments, and SEPA Instant Credit Transfers, supporting EUR transactions across the European Economic Area with real-time settlement capability.
- Currency Accounts and Exchange Foreign currency accounts and currency exchange services for customers transacting in multiple currencies, supporting cross-border business and travel needs.
- Consumer and Home Loans Personal loans and mortgage loans with terms up to 30 years. Home loans offered with fixed or variable interest rates (6-month EURIBOR or base rate plus margin), with up to 90% financing possible using KredEx guarantee. Consumer loans feature monthly fees and interest rates referenced to revolving credit limits.
- Visa Credit Cards (Classic, Gold, Platinum) Credit card products including Visa Classic (minimum credit limit €650, 20% annual rate, €3/month fee), Visa Gold (minimum €1,000, 18% annual rate with complimentary travel insurance), and Visa Platinum (€200 annual fee, 16% annual rate with premium insurance program). Interest-free period up to 45 days available on revolving credit.
- MasterCard Payment Cards MasterCard-branded payment cards issued by Versobank following its principal membership in the MasterCard network, enabling global card acceptance for cardholders.
- Time Deposits Fixed-term deposit products with competitive interest rates, including options for monthly interest payments, enabling customers to grow savings over defined periods.
- Investment Services and Financial Instruments Securities trading and investment services including shares, ETFs, options, bonds, convertible bonds, repos, futures, CFDs, warrants, rights, investment funds, hedge funds, money market instruments, and REITs. Trading supported via MetaTrader electronic platform for FX.
- Versobank MetaTrader FX Platform Electronic trading platform for foreign exchange (FX) trading launched in August 2016, providing clients with access to currency trading through MetaTrader.
- Business Banking Services Corporate banking services including cash flow management, trade finance, and cross-border payment services for business clients, including non-resident customers. Business accounts, corporate lending, and correspondent banking relationships offered for Estonian and Baltic businesses.
- Unallocated Gold Account Unallocated gold account service introduced on February 26, 2016, allowing clients to hold precious metals as part of their banking portfolio.
Quantifiable outcome
- Maximum mortgage loan term of 30 years with KredEx guarantee enabling 10% down payment
Companies that use Versobank
Customer profileSegments4 records
Ideal customer profiles4 records
Versobank technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration9 records
Feature2 records
Versobank partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- LHV Pank ASminorIn January 2019, Versobank's loan portfolio (covering both private individuals and corporate clients) was sold to LHV Pank AS. This followed the 2018 license revocation and liquidation proceedings.
Scale indicators5 records
Recent moves7 records
Expansion highlights4 records
Versobank competitors and assessment
Company assessmentBroad incumbents
- SEB Pank: Major Estonian commercial bank (subsidiary of SEB Group) offering retail, corporate, and wealth management services with a product suite that directly overlaps Versobank's historical offerings across deposits, lending, payments, and card issuance.
- Luminor Bank: Baltic banking group formed from Nordea and DNB merger, serving Estonian, Latvian, and Lithuanian markets. Comparable to Versobank's Baltic regional focus including its discontinued Riga branch.
- Swedbank Estonia: Largest Estonian bank by assets, offering comprehensive retail and corporate banking including loans, cards, and payments. Comparable to Versobank in product breadth and Baltic regional presence.
Direct peers
- LHV Pank: Estonian commercial bank that acquired Versobank's loan portfolio in January 2019 following the liquidation. Served the same Estonian retail and corporate banking market with comparable product offerings including deposits, lending, and payment cards.
- Bigbank: Estonia-headquartered bank specializing in consumer loans and SME lending with cross-border operations. Comparable to Versobank's lending portfolio mix of home loans, consumer loans, and corporate loans.
- Coop Pank: Estonian commercial bank offering retail and SME banking services. Mid-sized domestic player comparable to Versobank's historical positioning in the Estonian market.
- Inbank: Estonia-based bank offering consumer financing, deposits, and payment services. Comparable to Versobank's mid-sized Estonian banking operations and product positioning.
Regional players
- Citadele banka: Latvian commercial bank operating in the Baltic region. Comparable to Versobank's Baltic regional presence via its Riga branch before closure.
Market position
Strengths2 records
Weaknesses4 records
Competitive moat4 records
Key risks6 records
Key highlights5 records
Customer concentration
Versobank social profiles
Digital presenceVersobank compliance and trust
Trust signalCompliance4 records
Versobank financial estimates
Financial estimateRevenue estimate
Valuation estimate
Versobank leadership team
Management profileNumber of profiles
Versobank funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Versobank M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Versobank
What does Versobank do?
Versobank AS was a full-service Estonian commercial bank providing retail, private, and corporate banking products. Core offerings included current and savings accounts, domestic and SEPA payment services (including SEPA Instant Credit Transfers), foreign currency accounts and exchange, consumer and home loans, Visa and MasterCard payment cards, time deposits, and investment services covering securities, ETFs, bonds, options, futures, CFDs, warrants, and funds. Services were delivered through physical branches (Tallinn HQ, Riga branch) and the proprietary ibVerso internet banking platform supporting multi-channel authentication (ID-card, Mobile-ID, Smart-ID, Digipass).
Is Versobank a public or private company?
Versobank is a private company. It is classified as unknown and is currently closed.
When was Versobank founded?
Versobank was founded in 1999. It employs 101 to 250 people.
Where is Versobank based?
Versobank is headquartered in Tallinn, Estonia, in the Europe region.
How does Versobank make money?
Three revenue lines are on record. Interest Income is the primary driver. The others are fee and Commission Income and securities and Investment Services.
Who are Versobank's main competitors?
Broad incumbents on record are SEB Pank, Luminor Bank and Swedbank Estonia. Direct peers are LHV Pank, Bigbank, Coop Pank and Inbank. Citadele banka is listed as a regional player.
Does Versobank have an API?
No public API is recorded for Versobank.
What industry is Versobank in?
Versobank's product category is Commercial Banking. Its primary akta.pro industry code is FSABABAC, SME Deposits & Business Accounts (Operating, Savings, CDs), with a secondary code of BPAMAFAH, Card Issuing & Program Management Platforms. Its NAICS code is 5221 and its SIC code is 6022.