According to Decrypt, the owner of Kraken, Payward, plans to purchase Lithuania’s Saldo Bank as part of an expansion strategy within the European Union. The move aligns with broader goals related to meeting customer demand for integrated financial services.
Co-CEO Arjun Sethi stated that customers seek access to cash, cryptocurrency, tokenized stocks, and credit offerings in a single platform. The initial focus will be on lending products and card services. This acquisition supports Payward’s effort to deliver these combined capabilities through Saldo Bank’s existing infrastructure in Lithuania.
The transaction reflects Payward’s approach to scaling its financial service offerings in the EU by leveraging a local banking entity. No details regarding valuation, timing beyond intent, regulatory approval status, or competitive response were provided. The announcement emphasizes alignment with customer needs rather than speculative market or strategic shifts.
