Payward agrees to acquire Lithuania’s Saldo Bank to obtain an EU banking license
Kraken parent eyes EU license with bank acquisition
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Payward has agreed to acquire Lithuania’s Saldo Bank and its Finnish holding company, planning to use the deal to obtain an EU banking license and upgrade its existing Irish electronic money institution license. The transaction terms were not disclosed and the deal is expected to close in 2027. The transaction is expected to enable Payward to offer deposit interest, lending products, and banking-as-a-service capabilities in Europe, including card issuance and SME lending; Saldo Bank currently has passporting coverage in Lithuania, Finland, Sweden, Germany, and the Netherlands.
The article outlines how the acquisition would elevate Payward’s licensing status in Europe and lists the five markets covered by Saldo Bank, along with the banking products it plans to expand.
Source:Banking Dive · bankingdive.com