Kraken's Parents Eye Purchase of Lithuanian Bank Saldo Amid TradFi Expansion

Payward expects to close the acquisition in 2027, enabling it to extend its traditional banking services to the four EU operating markets previously served by Saldo Bank.

Payward expects to close the acquisition in 2027, allowing it to expand its traditional banking services to the four EU operating markets already served by Saldo Bank.

Exchange Kraken's parent company Pivard will acquire Lithuania-based Saldo Bank as part of its expansion into traditional financial services, calling it "a deliberate next step in the infrastructure strategy we've been building for years."

According to an announcement on Wednesday, Payward has signed a definitive agreement to acquire Saldo Finance Oy, a Finnish holding company whose subsidiary is Saldo Bank UAB, a digital bank licensed in Lithuania.

Saldo Bank's banking license and footprint in the EU will allow it to expand into four operating markets, including Lithuania, Finland, Sweden and Germany, where the bank already offers retail term deposits, Payward said. The bank license is also a passport to the Netherlands.

The acquisition is expected to close in 2027, subject to customary regulatory approvals. Banking enables Peward to offer traditional banking services including interest on deposits, lending products and banking services such as card issuance, passport and lending capabilities to small and medium enterprises.

Arjun Sethi, chief executive of Payward, said: "A regulated EU bank is a piece that allows us to serve European customers as a primary financial institution should: a place to hold assets, move them freely and put them to work."

In August, Payward launched a multi-asset debit card in the US through Kraken's payments app, Krak, allowing customers to spend cryptocurrencies and fiat while earning up to 2% cash back in dollars or bitcoins.