News
Payward agrees to buy Saldo Bank to secure an EU banking licence
Kraken's parent is buying a small Lithuanian-licensed bank so it can take deposits, lend and issue cards across the EU itself. Closing is expected in 2027.
Payward, the company behind crypto exchange Kraken, is buying Saldo Bank. Saldo is a small digital bank with a Lithuanian licence, full SEPA access and a side business lending through other fintechs in Finland and Germany. It also operates in Sweden and passports into the Netherlands.
Payward already has an e-money licence from the Central Bank of Ireland and a limited-purpose master account at the US Federal Reserve. What it didn't have was a bank. With Saldo, and once regulators sign off, it wants to pay interest on deposits, lend to SMEs, issue cards and offer banking-as-a-service to others. Payward says it has already lent more than $2bn. No price was given, and the deal should close in 2027.
Why it matters: If you sell BaaS to large platforms, read this one twice: your best customers can now buy what they used to rent from you.
Sources: IT Finanzmagazin · PaymentsJournal
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