Payward to Acquire Saldo Bank for EU Expansion

Payward, the parent company of cryptocurrency exchange Kraken, signed a definitive agreement to acquire Saldo Finance Oy, the Finnish holding company that owns Lithuania-based Saldo Bank. The deal, which is expected to close in 2027 pending regulatory approval, allows Payward to integrate a regulated EU banking license into its operations.

Payward intends to use Saldo Bank's infrastructure to offer retail term deposits, lending products, and banking-as-a-service across Lithuania, Finland, Sweden, and Germany, with passporting capabilities into the Netherlands. These services will include card issuance and lending for small and medium-sized enterprises.

Payward co-CEO Arjun Sethi stated that owning a regulated EU bank is the piece that lets the company serve European clients as a primary financial institution where they can hold, move, and utilize assets.