Kraken parent Payward to acquire Lithuanian digital bank Saldo Bank
Payward to acquire Lithuanian digital bank Saldo Bank
Payward, the parent company of cryptocurrency exchange Kraken, announced plans to buy Lithuania‑based Saldo Bank UAB. The deal is expected to close in 2027, pending regulatory approvals, and will give Payward a regulated EU banking license to serve European customers.
Saldo Bank holds a digital banking license in Lithuania and already offers retail term deposits across four EU markets – Lithuania, Finland, Sweden and Germany. The bank also has passporting rights in the Netherlands.
Key points
- Payward will acquire Saldo Finance Oy, a Finnish holding, whose subsidiary is Saldo Bank UAB.
- The purchase gives Payward access to EU markets in Lithuania, Finland, Sweden, Germany and passporting into the Netherlands.
- Payward Banking will offer traditional services such as deposit interest, loans and banking‑as‑a‑service like card issuance.
- Co‑CEO Arjun Sethi said the EU bank will let Payward provide "one place to hold assets, move them freely, and put them to work."
- Payward launched a U.S. multi‑asset debit card in August through Kraken’s payment app, Krak.
What Payward says
Payward’s press release calls the acquisition "a deliberate next step in an infrastructure strategy we’ve been building for years." The company says the EU banking license will enable it to expand into the four markets where Saldo Bank already operates.
What is confirmed
Payward will purchase Saldo Bank via its Finnish holding Saldo Finance Oy. The deal is set to close in 2027 after regulatory approvals. Saldo Bank holds an EU banking license and passporting rights in the Netherlands, and it already operates in Lithuania, Finland, Sweden and Germany.
Payward will provide services such as interest on deposits, lending products and banking‑as‑a‑service, including card issuance and support for small and medium‑size enterprises.
What is still unclear
The purchase price was not disclosed.
Specific details of the regulatory approvals needed are not provided.
Exact timeline beyond the 2027 closing date is not specified.
Why this matters
This acquisition marks a major move by a leading crypto exchange into traditional banking, giving Payward a single regulated European hub for assets, payments and lending.
It reflects the broader trend of crypto firms adding TradFi services to serve both digital and conventional customers.
What happens next
The transaction is expected to close in 2027 after obtaining the required regulatory approvals.
Payward plans to integrate Saldo Bank’s operations to expand its European banking footprint and roll out new banking‑as‑a‑service offerings.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.