Payward, the parent company of the crypto exchange Kraken, has announced plans to acquire Saldo Bank, a digital bank based in Finland. This deal aims to expand Payward's financial services in Europe, allowing it to offer products like deposits and lending. Saldo Bank is licensed in Lithuania and operates in five European markets: Finland, Lithuania, Sweden, Germany, and the Netherlands.
The acquisition is part of Payward's strategy to build out its financial infrastructure platform, Payward Banking, which already holds an EMI license from the Central Bank of Ireland. Saldo Bank will enable Payward to provide yield-bearing deposits, lending products, card issuance, and Sepa payments across the continent.
Arjun Sethi, co-CEO of Payward, expressed enthusiasm about the deal, stating that a regulated EU bank will allow the firm to serve European clients comprehensively. He emphasized the importance of offering a single platform for holding assets, moving them freely, and putting them to work. Sethi also hinted at global ambitions beyond the EU.
The transaction is subject to regulatory approvals and is expected to close in 2027.