Kraken’s Parent Company Payward Is Buying a European Bank: Here’s What We Know

TLDR

• Kraken’s parent company, Payward, agreed to buy Finland’s Saldo Finance Oy, owner of Lithuania-licensed Saldo Bank.
• Saldo Bank operates in four European markets and has authorization to extend to the Netherlands.
• The deal is expected to close in 2027, pending regulatory approvals.
• Payward plans to expand into deposits, consumer loans, business loans and cards.
• The purchase price was not disclosed.

---

Kraken’s parent company, Payward, has signed a deal to buy a European bank. It agreed on October 14 to acquire Finland’s Saldo Finance Oy, which owns Lithuania-licensed Saldo Bank.

We’ve signed an agreement to acquire Saldo Bank, a licensed specialized bank in Lithuania operating across five European markets. An EU banking license meaningfully expands Payward Banking. Subject to closing conditions and regulatory approvals.https://t.co/Y22B5lb8RK

— Payward (@Payward) October 14, 2026

The deal is expected to close in 2027. It still needs regulatory approvals and other customary closing conditions.

Payward did not share the purchase price. It also did not say when new products would reach Kraken customers.

What Saldo Bank offers today

Saldo Bank operates in Lithuania, Finland, Sweden and Germany. It also has authorization to extend its services to the Netherlands.

The bank offers consumer loans, business loans and term deposits. It received a specialized banking license from the European Central Bank in October 2021.

Retail term deposits are available in all four markets. Consumer lending runs in Lithuania, Finland and Sweden, while business lending runs in Lithuania and Finland.

Its credit card has launched in Finland. A Swedish launch is expected in 2027.

Saldo also has partnerships in Finland and Germany. These let financial technology firms offer loans through the bank’s systems.

Payward plans to use these tools alongside card issuance and access to the Single Euro Payments Area, known as SEPA. The network supports euro transfers between participating banks.

What Payward says it plans to build

Payward says the deal would expand Payward Banking into deposits, consumer lending, business loans and cards. It would serve customers across five European markets.

Jarkko Mäensivu, president of Saldo Bank, said, “A banking license is only as valuable as what you build on top of it.” He said combining the businesses could let more customers use banking, payments and credit from one provider.

Payward co-CEO Arjun Sethi said the company has built its banking business license by license and market by market. He said a regulated EU bank would help it serve clients in one place.

Payward says its banking setup already includes an Irish electronic money institution license. It also has a limited-purpose Federal Reserve master account held by Kraken Financial.

The company said it has originated more than $2 billion in loans. That figure covers lending it has already completed, not loans expected from Saldo.

Kraken received a Markets in Crypto-Assets license through the Central Bank of Ireland in June 2025. That approval covers crypto services, which differ from Saldo’s deposit and lending work.

On May 8, Payward also filed with the Office of the Comptroller of the Currency to set up Payward National Trust Company. That application is separate from the Saldo deal.

Payward says regulatory reviews and integration work are underway. The deal is expected to close in 2027, and no completion date or price has been shared.