Kraken Parent Payward Moves to Acquire Lithuania’s Saldo Bank
The undisclosed deal would expand Payward’s lending and card offerings, with closing expected in 2027 pending regulatory approvals.
Key takeaways
- Payward is buying Lithuania-based Saldo Bank in a deal with no disclosed price.
- The acquisition is subject to regulatory approvals and is expected to close in 2027.
Payward, the parent company of crypto exchange Kraken, is buying Lithuania-based Saldo Bank in a deal with no disclosed price, the Financial Times reported. The acquisition is subject to regulatory approvals and is expected to close in 2027.
Payward co-CEO Arjun Sethi said the company aims to let customers borrow and lend against their assets without selling them. He said Payward wants to bring cash, crypto, tokenized stocks and credit together in one system.
Saldo received an EU banking license in 2021 and offers consumer and business loans, as well as term deposits. Payward is expanding into lending and card issuing through the deal.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
