Kraken parent Payward agrees to acquire Saldo Bank in European push

Payward, the parent company of cryptocurrency exchange Kraken, has signed a definitive agreement to acquire Saldo Finance Oy, the Finnish holding company of Lithuania-based Saldo Bank UAB, Bitcoin Magazine and CryptoSlate reported on Wednesday. Decrypt and the Financial Times reported that Payward is the first digital asset firm to acquire a bank in Europe. The transaction financial terms were not disclosed. [1][3][7][8]

Saldo Bank obtained its European Union specialized banking license in 2021 and offers consumer and business loans along with term deposits, Decrypt reported. Outlets reported varying asset figures for the bank, with The Defiant citing 196.9 million euros in assets at the end of June, CoinDesk reporting 190 million dollars in total assets, and CryptoSlate citing 181 million dollars. [2][3][5][7]

The entity operates in Lithuania, Finland, Sweden, and Germany, and holds a passport to offer services in the Netherlands, according to Bitcoin Magazine. The Defiant and Cointelegraph both report that the acquisition is scheduled to close in 2027, subject to regulatory approval. Co-Chief Executive Officer Arjun Sethi stated that the company plans to offer cash, credit, cards, deposits, and tokenized stocks in a single platform, Decrypt and CoinDesk reported. [1][2][3][5][6]

Kraken was founded in 2011 and previously permitted non-United States customers to trade tokenized equities, while holding over 100 global licenses including a recent Virtual Asset Regulatory Authority license in Dubai, as FTMQ Crypto reported earlier. The transaction allows Payward to integrate traditional consumer lending and deposits directly into its regional operating footprint. [12][16]