The parent of crypto exchange Kraken has struck a deal to buy Finland-based Saldo Bank in a move that would enable the firm to offer deposits and lending products in Europe.
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Digital bank Saldo is licensed in Lithuania, with passporting across five European markets: Finland, Lithuania, Sweden, Germany, and the Netherlands.
Payward says the acquisition marks a major step in the buildout of Payward Banking, its financial infrastructure platform which already holds an EMI license granted by the Central Bank of Ireland.
Saldo unlocks a host of the other options on the continent, including yield-bearing deposits, lending products, card issuance, and Sepa payments.
Arjun Sethi, co-CEO, Payward, says: "A regulated EU bank is the piece that lets us serve European clients the way a primary financial institution should: one place to hold assets, move them freely, and put them to work. We believe whoever owns that relationship earns the right to serve everything around it. We are starting in the EU, and the ambition is global."
The transaction, subject regulatory approvals, is expected to close in 2027.