Kraken parent to buy European bank Saldo

Payward Inc., the parent company of the cryptocurrency exchange Kraken, has signed a definitive agreement to acquire Saldo Finance Oy, a Finnish holding company that owns Saldo Bank UAB. Saldo Bank is a digital-first specialized bank licensed in Lithuania. According to Investing.com, the Cheyenne, Wyoming-based Payward signed the agreement on Wednesday, and the transaction is expected to close in 2027, subject to regulatory approvals.

The acquisition is intended to provide Payward with a European Union banking license and access to multiple markets. Investing.com reports that the deal provides access to five European markets, noting that Saldo Bank serves customers in Lithuania, Finland, Sweden, and Germany, with a passport to operate in the Netherlands. Cointelegraph reports that the bank already offers retail term deposits in four of these operating markets.

Through this acquisition, Payward Banking aims to expand its traditional financial services. Cointelegraph and Investing.com state the move would enable the company to offer interest on deposits, lending products, card issuance, and SME lending to European clients. CoinDesk notes that Saldo Bank holds $190 million in total assets.

Brief written by urgent.news from Finextra, CoinDesk, Investing.com, Cointelegraph — 4 reports on this story. Machine-written — may contain errors; check the original before relying on it.