Kraken Parent Payward to Acquire Lithuania's Saldo Bank
Payward is buying EU-licensed lender Saldo Bank as part of a push to integrate cash, crypto, tokenized stocks and credit in one system.
Payward, the parent company of crypto exchange Kraken, is acquiring Saldo Bank, an EU-licensed lender based in Lithuania, according to the Financial Times. The undisclosed deal is expected to close in 2027, subject to regulatory approvals.
Co-CEO Arjun Sethi stated that the acquisition will allow customers to borrow and lend against their assets without selling them. The plan aims to bring cash, crypto, tokenized stocks, and credit together into a single system, starting with lending and cards.
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European Expansion and Products
According to the Financial Times, Payward is the first digital asset company to acquire a bank in Europe. Saldo Bank received its EU banking license in 2021, offering consumer and business loans as well as term deposits.
Payward's broader corporate activity includes acquiring derivatives exchange Bitnomial in April for $550 million and stablecoin payments firm Reap Technologies in May for $600 million. The company also applied in May for a national trust company charter from the U.S. Office of the Comptroller of the Currency.
Key facts
- Payward is acquiring EU-licensed Saldo Bank in an undisclosed deal expected to close in 2027.
- Saldo Bank received its EU banking license in 2021 and offers loans and term deposits.
- Payward plans to integrate cash, crypto, tokenized stocks, and credit into a single system.
- The deal follows Payward's acquisitions of Bitnomial and Reap Technologies.
Source: decrypt.co
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