Kraken Parent Payward Buys EU-Licensed Saldo Bank in TradFi Push
Summary
Payward, Kraken's parent, signed a definitive agreement to acquire Saldo Finance Oy, the Finnish holding company of Lithuania-licensed digital bank Saldo Bank UAB. The deal gives Payward an EU banking license and entry into Lithuania, Finland, Sweden, and Germany, with passporting into the Netherlands. Expected to close in 2027 pending regulatory approval, it enables Payward Banking to offer deposits, lending, and banking-as-a-service including card issuance and SME lending. This follows Payward's recent moves into tokenized equities, a US debit card, and a $100M Nasdaq Ventures investment at a $21B valuation. The acquisition is a material step in Payward's expansion from crypto exchange to full-service financial institution.
This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Cointelegraph.