Saldo Bank could become Kraken parent Payward’s EU bank by 2027

Crypto exchange Kraken’s parent company Payward has signed a definitive agreement to acquire Lithuania-licensed Saldo Bank.

The deal would give it a European Union banking license and permit it to offer deposits, loans and euro payments across five markets.

Deposits, loans and SEPA payments would follow the deal

Payward announced the deal on Oct. 14, 2026. It is purchasing Saldo Finance Oy, the Finnish holding company that owns Saldo Bank UAB.

The transaction is still subject to regulatory approval and is expected to close in 2027.

Payward would reportedly become the first crypto company to own a European lender.

“Payward Banking is not a new ambition,” Arjun Sethi, co-CEO at Payward, said in a statement. He described a business built “license by license, market by market.”

A regulated EU bank would allow the firm to serve European clients “the way a primary financial institution should,” he said. He added that the ambition is global.

Saldo Bank is already operational in Germany, Finland, Sweden and Lithuania. It also has a passport to the Netherlands.

Footprint is the core of what Payward is buying.

After closing, Payward Banking intends to provide interest on deposits, secured and unsecured small-business loans, consumer lending and credit cards. All of it needs regulatory approval.

Other fintechs would also be given access to banking-as-a-service tools such as card issuance, SEPA euro payments access and embedded lending, the company said in a press release.

In all four markets where Saldo does business, it offers retail term deposits. In Lithuania, Finland, and Sweden, people can get consumer loans. In Lithuania and Finland, small businesses can get loans.

Its credit card is now available in Finland. In 2027, it will also be offered in Sweden. Saldo also helps fintech partners in Germany and Finland with embedded lending.

Saldo Bank president Jarkko Mäensivu said, “A banking license is only as valuable as what you build on top of it.” He also said that the combination would make it easier for more people to bank, pay, and borrow money all in one place.

The target is a Lithuanian lender with €162.9 million in assets

The company began in 2006 as a Finnish consumer lender connected to Tact Finance. In 2019, it changed its name to Saldo Finance.

In October 2021, Saldo got a specialized banking license in Lithuania. In February 2023, full banking operations began.

Saldo had total assets of €162.9 million, which is about $182 million, at the end of 2025. Assets went up 22% from one year to the next.

Around €124 million in loans were still due to the bank, and it held €137 million in retail deposits. The business made €28 million in revenue a year and had an operating profit of €10 million.

The Saldo deal fits a pattern. The bank part of Payward has made loans worth more than $2 billion, the company says.

It has a limited-purpose Federal Reserve master account and an e-money institution license from the Central Bank of Ireland. Payward has applied for a national trust bank charter in the US.

In July, Kraken was said to be seeking a Lithuanian banking license.

Payward has obtained a full VARA license for Kraken in the UAE. Earlier in 2026, it agreed to acquire crypto derivatives firm Bitnomial in a $550 million deal.

Kraken was founded in 2011 by Jesse Powell. The exchange was opened to the public in September 2013.

Payward said it is working on both integration and regulatory approval.