Crypto's Payward buys Lithuania's Saldo Bank to expand across the EU
What's the deal? US fintech PaywardDealroom has a profile for this one. Try Dealroom → has acquired Saldo FinanceDealroom has a profile for this one. Try Dealroom →, the Finnish company behind Lithuania-licensed Saldo BankDealroom has a profile for this one. Try Dealroom →, for an undisclosed sum. The acquisition gives Payward an EU-licensed bank through which it can expand across the bloc, the company said on October 14.
What's the endgame? Payward, founded in 2011, runs a financial platform for holding, trading, settling, and investing in various assets. With Saldo folded in, it plans to take deposits in Europe, offer lending and banking services, issue payment cards, and provide loans to small and medium-sized businesses.
Why now? "An EU-licensed bank is exactly the link that will let us serve European customers the way a core financial institution should," Payward executive Arjun Sethi said (translated from Lithuanian). Saldo Bank president Jarkko Maensivu said more clients will be able to use both companies' services "in one place."
Operating in Lithuania since February 2023, Saldo Bank serves customers in Lithuania, Finland, Sweden, and Germany, and is cleared to work in the Netherlands. It offers term deposits across these markets but lends unevenly: consumer credit in Lithuania, Finland, and Sweden; SME loans only in Lithuania and Finland.
By the numbers: Saldo Bank swung to a €0.96 million net profit last year from a €2.39 million loss in 2023. Net income rose about 30% to nearly €23 million, while its loan portfolio grew 19% to €124 million. It is one of eight firms holding a specialised bank licence in Lithuania.
Payward, meanwhile, reported $508 million in adjusted revenue in the second quarter — flat year on year — with adjusted EBITDA up 28% to $23 million.
The signal: Rather than build regulatory infrastructure from scratch, crypto-era platforms are buying their way into EU banking through licensed institutions. Payward's move turns a small Lithuanian bank into a gateway for serving European customers under a single roof.
Read more: lrt.lt
Image credit: Jorge Lascar
