Bigbank was founded in Tartu in 1992. In its early years, it was something of a pioneer in the Estonian financial market: it was the first bank to issue small loans, and in October 1995 issued its first bonds. Before long the bank outgrew the modest Estonian market, going international in 1996 when it established a subsidiary in neighbouring Latvia.

By 2004 the Baltic Investment Group had become the biggest lender in Estonia after leasing firms and banks, earning net profit of more than 21 million kroons in the first three quarters of the year alone. That same year the bank submitted an application for a licence to operate as a credit institution and listed its bonds on Tallinn’s stock exchange for the first time. The licence was granted the following year, and the bank began operating as a credit institution in Estonia on 28 September 2005. Its business name became Balti Investeeringute Grupi Pank AS or BIG for short.

In 2006 the bank began offering a fixed-term deposit service on the Estonian market. Its balance sheet total broke the one billion kroon barrier, and by the end of that year, its loan portfolio reached the same milestone. As a niche player, BIG had a market share to match – just 0.5% – while the two biggest players at the time, Hansapank and SEB Eesti Ühispank, held almost 80% of the market in their grip. Nevertheless, BIG’s position was secure.

In 2007, the year in which the company marked its 15th anniversary, a Lithuanian subsidiary was opened and became the first to operate under the Bigbank trademark. The international rating agency Moody's Investor Service issued Bigbank with a credit rating for the first time. The bank conducted its first international bond issue and listed its bonds on the Stockholm stock exchange. That same year, BIG’s Latvian subsidiary launched a partnership with the national postal service Latvijas Pasts, making the bank’s services available in post offices throughout the country. By the end of the year, the bank’s balance sheet total was a record 2.5 billion kroons, while its loan portfolio had reached 2 billion kroons and it was approaching 100,000 active client contracts.

Having operated to this point under the BIG trademark, in 2008 the bank adopted the single international trademark Bigbank in Estonia and Latvia as well, adjusting its business name accordingly to Bigbank AS. After this, a bank branch was opened alongside the subsidiary in Latvia, and deposits began to be offered in Finland as a cross-border service. Meanwhile, in cooperation with the Estonian postal service Eesti Post, Bigbank’s services became available in all of the larger post offices throughout the country.

In 2009 Bigbank began offering deposits in Germany as a cross-border service, leading to a 47% rise in deposits from 1.17 billion to 1.72 billion kroons. That year the bank earned higher profits than all of the other banks operating in Estonia without exception. In November that year, a Finnish branch was opened, including the bank’s first office in Helsinki. Deposits began to be offered in Austria as a cross-border service in 2010 when loans also started to be issued in Finland. A year later, Bigbank opened an office and started issuing loans in Spain. Sweden followed in 2012 when the bank also began offering deposits in the Netherlands as a cross-border service.

In early 2016 Bigbank launched Estonia’s first mobile credit card, which enables users, via a mobile app, to transfer the required amount of credit to their account in their home bank or to pay for goods when they don’t have their wallet with them. The app, which promised to consign plastic cards to history, comes with no physical card or any of the costs normally associated with credit cards. This also means that there is no chance of anyone copying the card.

In 2016 the bank recorded a profit of 11.7 million euros. During the year its loan portfolio grew by 37 million euros, from 326 to 363 million euros. The group’s volume of assets had reached 394 million euros by the end of the year, representing annual growth of 12%.

In 2017 Bigbank has found itself a new home in Tartu, relocating from its ancient seat to the newly opened Kvartal Centre. Cooperation has been launched in Sweden with a provider for the Upgrade service and with dealers of Apple products. Swedes are now being offered the chance to make the most of the Upgrade Plan, which is widespread in the United States. This allows them to have their smart device replaced as soon as the latest model is released. Shaping and developing the financial technology and services environment is something the bank wishes to continue within Estonia also. As a member of FinanceEstonia, Bigbank champions a financial services market that offers a wide range of services with prudent regulation.

The bank’s current strategy focuses on clients with a lower level of credit risk, which is why the interest rates on the loans it issues have dropped so substantially. The company’s aim is a profitable expansion, primarily in foreign markets, where there is significantly more potential. In order to achieve growth, the bank is developing a new information system, Nest, which in addition to its growth plans will ensure that the solutions it offers are in accordance with all new regulatory and development requirements. The bank’s risk management is also being constantly improved, as is the quality of its loan portfolio.

Bigbank has always contributed to social responsibility projects as an inseparable part of its operations since the objective of entrepreneurship is not simply to generate profit, but to boost the well-being of people and society.

In cooperation with the Estonian Association of Large Families, Bigbank has been organising Large Family Day since 2004 and the competition for the title of Large Family of the Year since 2010. Since 2012 the company has also been supporting the Duo sports club’s volleyball team, a.k.a. Bigbank Tartu. From 2005-2014 the bank was the main sponsor and co-organiser of the biggest charity dog show in the Baltic States, the BIG Match Show, while from 2006-2012 it lent its name to and was the main supporter of the leading series of athletics competitions in the region, the Bigbank Gold League.

At the Responsible Entrepreneurship Gala held in May 2017, a total of 56 Estonian companies received recognition, including Bigbank, which was awarded a silver label for its responsible operations.

Bigbank’s mission is to create opportunities for people to improve their lives through efficient financial services, while its vision is to be the most recommended provider of digital financial services in the countries in which it operates.

At the end of Q2 2017, Bigbank had 431 employees: 212 in Estonia, 76 in Latvia, 74 in Lithuania, 24 Finland, 30 in Spain and 15 in Sweden. During the first half of the year, its loan portfolio grew by 39 million euros to 402 million euros. By 30 June 2017, the group’s volume of assets had reached 424 million euros, representing growth in the first six months of the year of 8%.

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