Payward, the parent company of crypto exchange Kraken, is buying Lithuanian bank Saldo Bank as part of its drive to offer broader financial services. This is stated in a press release.
Saldo Bank has held an EU banking licence since 2021 and offers, among other things, loans to individuals and companies as well as deposits. The acquisition will give Payward the opportunity to expand into traditional banking services such as lending and card issuance, and to connect cash, crypto, tokenised stocks and credit in the same system.
According to the Financial Times, Payward is the first major crypto company to buy a bank in Europe. The acquisition requires regulatory approvals and is expected to be completed in 2027.
The purchase price has not been disclosed.
