Payward acquires Saldo Bank to expand banking services in Europe

Payward Inc., the parent company behind the cryptocurrency exchange Kraken, has finalized a deal to acquire Saldo Finance Oy, a Finnish holding company that operates Saldo Bank UAB. This move grants Payward Banking, based in Cheyenne, Wyoming, a foothold in the European Union with a banking license and the ability to cater to five European markets.

Saldo Bank currently serves customers in Lithuania, Finland, Sweden, and Germany, holding a passport to operate in the Netherlands. By integrating Saldo Bank into its operations, Payward Banking's regulated infrastructure, encompassing a Federal Reserve limited-purpose master account and an EMI license from the Central Bank of Ireland, will expand to include interest on deposits, lending products, card issuance, and SME lending for European clients.

The transaction, whose terms remain undisclosed, is anticipated to conclude in 2027, allowing Payward Banking to leverage Saldo Bank's retail term deposits, consumer loans across relevant markets, and SME loans in Lithuania and Finland.