Kraken Parent Payward Agrees to Buy Lithuania's Saldo Bank
Payward to Acquire Lithuanian Bank Saldo
Payward, the parent company of crypto exchange Kraken, has agreed to acquire Saldo Bank, a Lithuanian bank, in a move that would give it a foothold in European deposit and lending business.
The company announced on Oct. 14, 2026 that it signed a definitive agreement to buy Saldo Finance Oy, the Finnish holding company that owns Saldo Bank UAB. Financial terms were not disclosed. The deal is expected to close in 2027, pending regulatory approvals and other customary conditions.
What Payward Is Buying
Saldo Bank held €196.9 million in total assets as of June 30, 2026, according to its second-quarter financial report. Its balance sheet includes a retail deposit base of roughly €169.4 million and a gross loan portfolio of about €129.5 million. Total equity stood at €15.7 million.
- Total assets: €196.9 million (as of June 30, 2026)
- Retail deposits: €169.4 million
- Gross loan portfolio: €129.5 million
- Operating in: Lithuania, Finland, Sweden, Germany; authorized to enter the Netherlands
The Banking License and What It Allows
Saldo holds a specialized banking license issued by the European Central Bank in October 2021. The license permits the bank to take deposits and issue payment instruments. Specialized banks can also grant loans and provide payment services, but cannot offer investment services under this license type.
Saldo's term deposits are available in Lithuania, Finland, Sweden, and Germany. Consumer lending covers those three countries, while business lending to small and medium-sized enterprises is limited to Lithuania and Finland. Its credit card is currently live in Finland, with a Swedish launch planned for 2027.
How This Fits Payward's Strategy
This acquisition follows Payward's purchase of Hong Kong payments firm Reap, announced in May and completed in July. That deal added card issuance, cross-border payments, and stablecoin treasury capabilities for business clients. Reap continues to operate as a standalone brand within Payward.
Payward says the Saldo acquisition would allow its banking business to offer interest-bearing deposits, lending, and card issuance to European clients, along with banking infrastructure for other fintech companies.
Regulatory Hurdles Ahead
Because the deal involves acquiring the Finnish holding company, Payward would gain indirect control of the Lithuanian bank. Under the European Central Bank's framework, this requires a supervisory assessment before completion.
In Lithuania, the notification process involves the Bank of Lithuania. The review will examine Payward's financial soundness, its proposed management of the bank, whether the bank can maintain prudential compliance, and money-laundering risks. The ECB makes the final decision on whether to oppose the acquisition.
Why This Matters
The purchase would mark a significant step in Payward's push to build traditional banking capabilities in Europe alongside its crypto operations. Adding an operating lender with an established deposit base and lending book gives the company a regulated banking license it can use to offer broader financial services to European customers and other fintech firms.
What Happens Next
The deal is expected to close in 2027, once regulatory approvals are obtained and customary closing conditions are satisfied. No specific timeline has been announced beyond that window.
Sources
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