- Payward agreed to acquire Lithuania-based Saldo Bank for an undisclosed amount.
- The deal would give Payward an EU banking license, subject to regulatory approval and expected to close in 2027.
- Payward said the acquisition would support deposits, loans, card services and euro payments for European customers.
The Kraken bank deal would move Payward, the parent company of crypto exchange Kraken, further into traditional financial services in Europe. Payward said it agreed to buy Lithuania-based Saldo Bank, a transaction that would give it a European Union banking license as it expands beyond cryptocurrency trading. According to the reported details, the acquisition would let the company offer European customers interest-bearing deposits, loans, card services and euro payments. The Kraken bank deal is still subject to regulatory approval, and Payward said the transaction is expected to close in 2027. The company also described a regulated EU bank as a key part of serving clients more like a primary financial institution.
Kraken bank deal brings EU banking license
Payward said the acquisition of Saldo Bank would provide it with an EU banking license through the Lithuania-based lender. The company did not disclose the price of the transaction. A Financial Times report said the deal would make Payward the first cryptocurrency company to buy a bank in Europe.
Saldo Bank had 163.9 million euros in total assets at the end of 2025, equal to about $180 million in the source report. Another figure in the source described the bank as holding $190 million in total assets. The bank is licensed in Lithuania, Finland, Sweden and Germany, and it also has a passport to operate in the Netherlands.
What Payward says the deal will add
Payward said the deal would allow it to offer European customers interest-bearing bank deposits, loans, card services and euro payments. Saldo Bank already offers deposits, consumer and business loans and payment services, which fits with Payward’s expansion beyond crypto trading.
Arjun Sethi, Payward’s co-CEO, said a regulated EU bank would allow the firm to serve European clients in one place where they can hold assets, move them freely and put them to work. His comments framed the bank purchase as a way to provide services similar to those of a primary financial institution.
Kraken bank deal follows wider banking push
The Kraken bank deal comes after earlier efforts by Payward to secure more formal banking access. CoinDesk reported in July that Kraken had been seeking a banking license in Lithuania. In the United States, Payward has applied for a national trust bank charter.
Payward also said its banking arm has secured limited access to the Federal Reserve’s payment system. In addition, the company said its banking business has already originated more than $2 billion in loans and holds a Federal Reserve limited-purpose master account and an electronic money institution license in Ireland.
Saldo Bank footprint and closing timeline
Saldo Bank operates across several European markets. The source said it is licensed in Lithuania, Finland, Sweden and Germany, and has a passport to operate in the Netherlands. That existing footprint would give Payward a ready-made regulated platform in multiple countries if the acquisition is completed.
The transaction remains subject to regulatory approval and is expected to close in 2027. Until then, the Kraken bank deal remains an announced expansion plan rather than a completed transaction, with the final outcome depending on the approval process.
Conclusion
The Kraken bank deal centers on Payward’s agreement to acquire Saldo Bank and use that purchase to gain an EU banking license. Based on the source, the move would help the Kraken parent expand beyond crypto trading by adding interest-bearing deposits, loans, card services and euro payments for European customers. Saldo Bank already operates under licenses in several European countries, while Payward said its broader banking business has originated more than $2 billion in loans. The transaction still needs regulatory approval and is expected to close in 2027, but if completed, it would mark a notable step in Payward’s European banking plans.
Disclaimer
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