Payward, the parent of Kraken, agrees to acquire Lithuania's Saldo Bank to bring an EU banking licence to Payward Banking

Payward has signed a definitive agreement to acquire Saldo Finance, the Finland-based holding company of Saldo Bank, a digital bank licensed by the European Central Bank and regulated by the Bank of Lithuania. Terms were not disclosed. Closing is expected in 2027, subject to regulatory approvals.

Saldo Bank serves customers in Lithuania, Finland, Sweden and Germany and holds a passport for the Netherlands. It offers term deposits, consumer and SME loans, a credit card in Finland, full SEPA access and embedded lending for fintechs, with more than 90 employees.

The licence is meant to let Payward Banking offer European clients interest on deposits, lending, card issuing and banking-as-a-service. Payward Banking has originated more than $2 billion in loans and holds a Federal Reserve limited-purpose master account and an Irish e-money licence.

Co-CEO Arjun Sethi said the bank starts in the EU, with global ambitions.