Payward Targets European Banking Market With Saldo Deal

TLDR

• Payward agreed to acquire Lithuania-based Saldo Bank through its Finnish parent company, Saldo Finance Oy.
• The acquisition would give Kraken’s parent company access to an EU specialized banking license.
• Payward plans to expand into interest-bearing deposits, consumer lending, card services and euro payments.
• Saldo Bank currently operates across four European markets, with authorization to expand into the Netherlands.
• The acquisition remains subject to regulatory approval, with Payward expecting the transaction to close in 2027.

Payward, the parent company of crypto exchange Kraken, signed an agreement on October 14 to acquire Saldo Finance Oy, which owns Lithuania-based Saldo Bank. The deal would give Payward access to a European Union banking license, subject to regulatory approval.

Payward Adds a Route into EU Banking

The company did not disclose the purchase price. Payward expects to close the acquisition in 2027 after regulators review the transaction and other closing conditions are met.

Saldo Bank holds a specialized banking license in Lithuania. The European Central Bank licenses Saldo, while Lithuania’s central bank regulates its local operations. It already serves customers in Lithuania, Finland, Sweden and Germany, and has authorization to enter the Netherlands—Payward plans to use that network to offer more financial services.

The agreement follows separate talks between Payward and Wells Fargo about supplying crypto trading liquidity. Those discussions have not produced an announced agreement. The bank purchase, however, involves an agreed transaction.

Saldo Bank Brings Lending and Payment Services

Saldo already accepts retail term deposits across its four active markets. It offers consumer loans in Lithuania, Finland and Sweden, plus business loans in Lithuania and Finland.

The bank also provides lending technology to financial firms in Finland and Germany. Its credit card is available in Finland, with a Swedish launch planned for 2027. Payward expects the purchase to support deposit interest, card issuance and euro payments.

Separately, Payward recently secured full regulatory approval in Dubai, allowing Kraken to prepare regulated crypto services there. The European bank acquisition concerns traditional deposits, credit and payment services rather than another crypto trading license.

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Closing Depends on European Regulators

Payward Banking said it has originated more than $2 billion in loans. Its existing operations include an Irish electronic money institution license and limited access to the Federal Reserve payment system.

In the United States, other digital asset businesses are also pursuing bank-related approvals. Payments company Rain recently applied for a national trust bank charter to support stablecoin and custody services, although that application remains under review. Payward co-CEO Arjun Sethi said the firm has been expanding banking infrastructure across markets.