Payward to Acquire Lithuania's Saldo Bank, Becoming First Crypto Firm to Buy a EU Bank
Kraken's parent company moves into EU banking
Payward, the parent company of cryptocurrency exchange Kraken, has agreed to acquire Lithuania-based Saldo Bank. The deal would give Payward its first European Union banking license and make it the first crypto company to buy a bank in Europe.
Payward did not disclose the purchase price. Saldo Bank held 163.9 million euros ($180 million) in total assets at the end of 2025, up 22.7% from a year earlier, according to The Banks.
What the deal would allow
With a EU banking license, Payward can offer European customers interest-bearing bank deposits, loans, card services, and euro payments. The move marks a shift for the company as it expands beyond cryptocurrency trading into traditional financial services.
"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," said Arjun Sethi, Payward's co-CEO.
Saldo Bank's reach across Europe
Saldo Bank is licensed in Lithuania, Finland, Sweden, and Germany. It also holds a passport that allows it to operate in the Netherlands. The bank offers deposits, consumer and business loans, and payment services.
Payward's broader banking push
This acquisition is part of a wider strategy by Payward to build regulated banking operations. In the United States, Payward has applied for a national trust bank charter. Its banking arm already secured limited access to the Federal Reserve's payment system and holds an electronic money institution license in Ireland. Payward said its banking business has originated more than $2 billion in loans.
According to a Financial Times report, the deal would make Payward the first cryptocurrency company to buy a European bank, as crypto firms increasingly compete with traditional lenders.
Regulatory approval still needed
The acquisition remains subject to regulatory approval and is expected to close in 2027. Payward did not immediately respond to a request for additional details about the deal amount.
Why this matters for crypto companies
For cryptocurrency companies, a banking license provides a way to offer familiar financial products like deposits and loans alongside trading services. It also gives them a regulated status in major markets, which can build trust with customers and institutional partners. Payward's move follows a growing trend of crypto firms seeking traditional financial licenses to broaden their 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.
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