Payward, the parent company of crypto exchange Kraken, has signed a definitive agreement to acquire Saldo Bank, a digital-first lender licensed in Lithuania, in a deal that would give it an EU banking licence.
Why Payward (Kraken) is buying Saldo Bank (Saldo Finance Oy)
Payward said the acquisition, subject to approvals, would let it offer European customers interest-bearing deposits, SME and consumer lending, credit cards and banking-as-a-service, including SEPA payments access. Co-CEO Arjun Sethi said: "We are starting in the EU, and the ambition is global."
Deal terms and financing
Payward is acquiring Saldo Finance Oy, the Finnish holding company of Saldo Bank UAB. Financial terms were not disclosed. CoinDesk reported that Saldo had total assets of €163.9m at the end of 2025.
Regulatory approvals and timing
The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in 2027.
Market context
Citing the Financial Times, CoinDesk reported the deal would make Payward the first crypto firm to buy a bank in Europe. Payward already holds an e-money licence from the Central Bank of Ireland and a Federal Reserve limited-purpose master account in the US.
