Kraken’s Parent Company Expands into European Banking
- Payward, the parent company of crypto exchange Kraken, is acquiring Lithuania-based Saldo Bank.
- Saldo Bank holds an EU banking license since 2021 and offers loans and term deposits.
- The acquisition will allow customers to borrow and lend against their assets without selling them.
- The deal is expected to close in 2027, subject to regulatory approvals.
- Payward has previously acquired Bitnomial for $550 million and Reap Technologies for $600 million.
Payward’s acquisition of Saldo Bank marks its first bank purchase in Europe, expanding its services into lending and card issuing within the EU market. This move aligns with Payward’s strategy to integrate cash, crypto, tokenized stocks, and credit into a unified system for its customers.
The acquisition follows Payward’s significant investments in other financial technologies, highlighting its commitment to broadening its financial services portfolio across different markets. (Source)
