Kraken plans to acquire EU-regulated Saldo Bank to pave the way for a potential US IPO.

BlockBeats news, October 14, according to the Financial Times, Payward (Kraken's parent company) plans to acquire EU-regulated Saldo Bank soon, with the deal expected to be completed by 2027.

The goal of this acquisition is to obtain a full banking license as part of its ten-year global licensing advancement plan. This will make Kraken the first major crypto trading platform to have full banking status, enabling deeper traditional financial integration (deposits, payments, custody) under the MiCA framework and going beyond its existing Irish/Cypriot licenses. The move is also related to the company's broader regulatory expansion ahead of a potential US IPO.

It is reported that Saldo Bank is a Finnish fintech bank headquartered in Vilnius, Lithuania, founded in 2006, and a subsidiary of Finland's Saldo Finance. Its core value lies in holding a specialized banking license issued by the European Central Bank in October 2021 and being regulated by the Bank of Lithuania, which enables it to provide deposit, lending, and payment services across the EU.

In terms of business, Saldo Bank focuses on automated lending solutions, providing loans to consumers and SMEs through its proprietary credit scoring system, while also offering term deposits and credit card services. Currently, its business covers three markets: Lithuania, Finland, and Sweden.