Payward, the parent company of crypto exchange Kraken, announced on October 14 that it had signed a definitive agreement to acquire Saldo Finance Oy, a Finnish holding company whose subsidiary is Lithuania's Saldo Bank UAB. The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in 2027. The purchase price was not disclosed.
Saldo Bank is a Lithuania-licensed digital specialist bank operating in Lithuania, Finland, Sweden and Germany. It also holds an EU passport to operate in the Netherlands and currently accepts term deposits from retail customers in the four countries where it is active.
Subject to completion of the acquisition and relevant regulatory approvals, Payward plans to expand interest-bearing bank deposits, personal and small-business loans, cards, and euro transfer and payment services through the Single Euro Payments Area (SEPA) for European customers. It also plans to expand its banking-as-a-service (BaaS) business, providing card issuance, lending and other functions that fintech companies can connect to their own services.
Payward co-CEO Arjun Sethi said an EU bank provides the foundation needed to serve as the primary financial institution for European customers. The announcement did not specify product-by-product launch schedules and terms, or the precise arrangements for segregating bank deposits from crypto exchange customer assets after the acquisition.