[CLSTR]
< Back to situations

Monitor this situation.

[SITUATION] · [QUIET] · [BUSINESS]

2 clusters · 21 sources · 4 days · First seen · Last updated

Payward acquisition of Saldo Bank

Overview

Payward, the parent company of the cryptocurrency exchange Kraken, has entered into a definitive agreement to acquire Saldo Finance Oy, the Finnish holding company that owns the Lithuanian-licensed Saldo Bank UAB. This transaction represents a significant development as it would be the first instance of a digital asset conglomerate acquiring a fully regulated commercial bank in Europe.

Through this acquisition, Payward intends to integrate traditional banking services with its existing cryptocurrency offerings. The goal is to create a unified infrastructure where users can manage cash, cryptocurrency, tokenized stocks, and lending within a single platform. Specific services expected to be integrated include interest-bearing deposits, consumer and commercial lending, credit cards, and SEPA instant settlements in euros. Additionally, the strategy aims to allow users to access credit by using crypto assets as collateral.

Saldo Bank currently operates in Lithuania, Finland, Sweden, and Germany, with passporting rights to the Netherlands. The deal is expected to close in 2027, pending necessary regulatory approvals. The transaction value has not been disclosed.

Entities

Kraken · Saldo Bank · Payward · Arjun Sethi · Lookonchain

Timeline

  1. [BUSINESS] 2 sources
    Payward to acquire Saldo Bank to expand crypto services in EU

    Kraken parent company Payward will acquire Lithuania's Saldo Bank, becoming the first crypto firm to buy a European bank to integrate crypto and traditional banking services.

  2. [BUSINESS] 19 sources
    Payward to acquire Saldo Bank, expanding Kraken's reach into European banking

    Kraken parent Payward has agreed to acquire Saldo Finance Oy, marking the first time a crypto firm will own a regulated European bank, enabling services like loans and deposits by 2027.

Sources

btcwires.com · coindeskjapan.com · coinpedia.org · criptotendencia.com · crypto-insiders.nl · crypto.news · cryptopolitan.com · cybernoz.com · financemagnates.com · it-boltwise.de · journalducoin.com · kriptoworld.hu · livebitcoinnews.com · mycryptoparadise.com · newsbit.nl · nosmokesport.com · phocapblockchain.net · portaldobitcoin.uol.com.br · spacemoney.com.br · sttinfo.fi · y-lehti.fi