Acquisition of the Lithuanian specialized bank brings Payward an EU banking license, unlocking yield-bearing deposits, lending products, card issuance, and SEPA payments for clients in Europe

Payward, Inc., a unified financial infrastructure platform, announced it has signed a definitive agreement to acquire Saldo Finance Oy, a Finnish holding company whose subsidiary, Saldo Bank UAB, is a digital-first specialized bank licensed in Lithuania with passporting across five European markets.

The acquisition marks the next major step in the buildout of Payward Banking, the money layer of Payward’s financial infrastructure platform. Payward Banking has originated more than $2 billion in loans and holds regulated infrastructure across key global markets, including a Federal Reserve limited-purpose master account and an EMI license granted by the Central Bank of Ireland. An EU banking license extends that stack into Europe’s largest regulated market.

“Payward Banking is not a new ambition – it is a business we have been building license by license, market by market,” said Arjun Sethi, Co-CEO of Payward. “A regulated EU bank is the piece that lets us serve European clients the way a primary financial institution should: one place to hold assets, move them freely, and put them to work. We believe whoever owns that relationship earns the right to serve everything around it. We are starting in the EU, and the ambition is global.”

Saldo Bank serves customers in Lithuania, Finland, Sweden and Germany, and holds a passport to operate in the Netherlands. Retail term deposits are available in every one of its markets, while lending is more targeted: consumer loans in Lithuania, Finland and Sweden, and secured and unsecured SME loans in Lithuania and Finland. Its credit card is already live in Finland and is expected to launch in Sweden in 2027. Beyond its own products, the bank helps build Europe’s financial infrastructure through full SEPA payments access, and it provides embedded lending to other fintech companies in Finland and Germany.

Combined with Payward’s existing infrastructure, the acquisition is expected to enable Payward Banking to offer European clients interest on deposits, lending products, and banking-as-a-service capabilities including passporting, card issuance, and SME lending, subject to regulatory approvals.

“A banking license is only as valuable as what you build on top of it,” said Jarkko Mäensivu, President of Saldo Bank. “Payward has spent years assembling regulated infrastructure across the US and Europe. Saldo Bank’s infrastructure was built to be Europe-wide, enabling innovative banking solutions including embedded services for other fintechs. Combining these capabilities with our five-market footprint means far more customers can access the full range of what both businesses offer – banking, payments, and lending in one place.”

Terms of the transaction were not disclosed. The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in 2027.

Source: Payward