Payward to Acquire Saldo Bank for EU Banking Push
Payward signs agreement to acquire Saldo Bank
Payward, the parent company of exchange Kraken, has signed a definitive agreement to acquire Saldo Bank. The purchase gives Payward an EU banking license and a presence in five European markets.
The deal involves buying Saldo Finance Oy, a Finnish holding company whose subsidiary, Saldo Bank UAB, is a digital‑first bank licensed in Lithuania. The bank already operates in Lithuania, Finland, Sweden and Germany and has a passport into the Netherlands.
Key points
- Payward is acquiring Saldo Finance Oy and its subsidiary Saldo Bank UAB.
- The transaction adds EU banking footprint across Lithuania, Finland, Sweden, Germany and the Netherlands.
- Financial terms are not disclosed; closing is expected in 2027 pending regulatory approvals.
- After completion, Payward Banking plans to offer interest on deposits, SME and consumer loans, credit cards and banking‑as‑a‑service tools.
- Payward already holds a U.S. Federal Reserve limited‑purpose master account and an e‑money license from Ireland.
- The move follows Payward’s recent announcement to launch in the UAE after full Dubai approval.
What the Payward press release says
The official statement from Payward regarding the acquisition is available on their press‑release page.
Other sources
A Bloomberg report notes a $100 million Nasdaq investment in Payward at a $21 billion valuation, providing additional context on Payward’s growth.
What is confirmed
- Payward signed a definitive agreement to buy Saldo Finance Oy and its subsidiary Saldo Bank UAB.
- The acquisition will grant Payward an EU banking license covering five markets.
- No financial details were disclosed, and the deal is slated to close in 2027 subject to approvals.
- Payward already has a U.S. Federal Reserve limited‑purpose master account and an e‑money license from Ireland.
- Arjun Sethi, Payward’s co‑CEO, said the EU bank will let the firm serve European clients as a primary financial institution.
- Saldo currently offers retail term deposits in its operating markets, consumer lending in Lithuania, Finland and Sweden, and a credit card in Finland.
What is still unclear
- Exact financial terms of the acquisition remain undisclosed.
- The timeline for final regulatory approvals beyond the 2027 target is not specified.
- Details on how the new banking services will integrate with existing Kraken products.
Why this matters for crypto investors
Gaining an EU banking license allows Payward to offer traditional banking services such as deposit interest, loans and credit cards alongside its crypto offerings. This could provide European users a single platform for both digital and conventional finance, reducing reliance on separate banks.
What happens next
The acquisition is expected to close in 2027 after regulatory approvals. Once complete, Payward Banking will launch interest‑bearing deposits, SME and consumer loans, credit cards and banking‑as‑a‑service tools for partners. Payward also plans to expand its global footprint, starting with the EU market.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.