Kraken parent to buy Lithuanian Saldo Bank amid Trad
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Kraken’s parent company, Payward, has agreed to acquire Lithuania-based Saldo Bank as part of its move into traditional financial services. Saldo Bank is a digital bank licensed in Lithuania with operations in several EU countries. The acquisition is expected to finalize in 2027 pending regulatory approval and will expand Payward’s banking offerings across Europe.
Why it matters
The acquisition provides Payward with a regulated EU banking license, allowing it to offer conventional banking services such as deposits, lending, and banking-as-a-service across multiple European markets. This positions Payward to serve European clients with comprehensive financial services integrated with its crypto offerings.
Key context
Saldo Bank operates under a Finnish holding company and is licensed in Lithuania with banking authorizations extending to Finland, Sweden, Germany, and the Netherlands. Payward has been developing an infrastructure strategy to integrate traditional banking and crypto services, exemplified earlier by launching a multi-asset debit card in the US via Kraken’s app.
Key numbers and entities
The involved companies are Payward (Kraken’s parent), Saldo Finance Oy (Finnish holding company), and Saldo Bank UAB (Lithuanian digital bank). The acquisition is planned to close in 2027, subject to standard regulatory approvals.
What remains unclear
The exact financial terms of the acquisition were not disclosed. Details on how the integration will be managed or the impact on current Saldo Bank customers were not provided. The source does not specify whether this acquisition will affect Kraken’s operations outside Europe.