Payward to acquire Saldo Bank for banking license in Lithuania

Kraken: Kraken is a major cryptocurrency exchange offering trading, staking, and related services to retail and institutional customers worldwide. As a key subsidiary of Payward, it benefits directly from the parent's strategic moves to integrate traditional financial services. The acquisition enhances Kraken's ability to provide European clients with combined crypto and banking capabilities. Payward: Payward Inc. is the parent company of the Kraken cryptocurrency exchange and functions as a unified financial infrastructure platform with regulated operations across multiple jurisdictions. It has pursued expansions into banking services, including through licenses and partnerships. The firm recently announced a definitive agreement to acquire Saldo Finance Oy to secure a banking license in Lithuania and broaden its European offerings. Saldo Bank: Saldo Bank is a digital-first specialized bank headquartered in Lithuania and licensed by the Bank of Lithuania with passporting rights across multiple European markets. It offers retail and business deposits, consumer and SME loans, and payment services. Its acquisition by Payward enables integration with broader crypto infrastructure while maintaining its established European banking operations. EU Banking Access: The acquisition would make Payward the first cryptocurrency company to own a full EU credit institution, unlocking deposit-taking and lending capabilities. Regulatory Process: The transaction requires approvals under the European Central Bank's Single Supervisory Mechanism and is expected to close in 2027. Customer Integration: Payward co-CEO Arjun Sethi noted strong customer demand for unified platforms combining cash, crypto, tokenized assets, and credit products without requiring asset sales.