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BTC Kraken’s parent company, Payward, has acquired the Lithuanian bank Saldo Bank. This move is seen as an important step in Payward’s expansion into traditional financial services. The company described this as “a well-planned next phase in our long-term infrastructure strategy.”
According to an announcement released on Wednesday, Payward has signed the final agreement to acquire Saldo Finance Oy, a Finnish holding company. Saldo Bank UAB, a subsidiary of Saldo Finance Oy, is a licensed digital bank operating in Lithuania.
Payward stated that Saldo Bank’s EU banking license and its presence in various markets will enable it to expand into four regions: Lithuania, Finland, Sweden, and Germany. Currently, the bank already offers retail deposit services in these areas. Additionally, its licenses also cover the Netherlands market.
It is expected that this acquisition will be completed by 2027, depending on standard regulatory processes. After the transaction is finalized, Payward Banking will be able to provide traditional banking services, including interest rates on deposits, loan products, and “Banking-as-a-Service” solutions such as card issuance, cross-border transactions, and lending capabilities for small and medium-sized businesses.
Payard’s co-founder and co-CEO, Arjun Sethi, said, “A regulated European bank is essential for us to serve European customers in the way that major financial institutions should. It allows customers to hold their assets in one place, transfer funds freely, and achieve asset appreciation.” In August this year, Payard launched a multi-asset debit card through Kraken’s payment application in the United States. This card enables customers to use both cryptocurrencies and fiat currency for transactions, with a maximum return of 2% in US dollars or Bitcoin Cash.
