Kraken parent company Payward to become first crypto firm to buy a European Bank
Source: Fortune ·
Payward announced an agreement to buy Lithuania-based Saldo Bank to offer deposits, loans, and payments across Europe.
From the source
Payward, the parent company of crypto exchange Kraken, announced on Wednesday that it has entered an agreement to acquire Saldo Bank, a Lithuania-based online bank licensed in the European Union. Once completed, the acquisition would make Payward the first crypto-native firm to own a European bank. The acquisition, expected to close in 2027 pending regulatory approval, is significant because it would pave the way for the Wyoming-based company to offer banking services across Lithuania, Finland, Sweden, Germany, plus permission to operate in the Netherlands. Those services would include deposits that earn interest, loans for consumers and small businesses, credit cards, and euro transfers through SEPA, a system that simplifies payments across European borders. Relying on Saldo’s license, Payward would also be able to provide banking infrastructure that other fintech companies could use to offer their own services. Kraken declined to disclose the acquisition price, noting that it does…