Payward expects to close the acquisition in 2027, enabling it to expand its traditional banking services into four EU operating markets already served by Saldo Bank.
Cryptocurrency exchange Kraken’s parent company, Payward, will buy Lithuania-based Saldo Bank as part of its expansion into traditional financial services, calling it “a deliberate next step in an infrastructure strategy we’ve been building for years.”
Payward signed a definitive agreement to acquire Saldo Finance Oy, a Finnish holding company whose subsidiary, Saldo Bank UAB, is a digital bank licensed in Lithuania, according to a Wednesday announcement.
Payward said Saldo Bank’s EU banking license and footprint will enable it to expand into four operating markets, including Lithuania, Finland, Sweden and Germany, where the bank already offers retail term deposits. The bank’s authorization is also passported into the Netherlands.
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