CryptoSlate
Payward, Kraken's parent company, agreed on Oct. 14 to acquire Saldo Finance Oy, the Finnish owner of Lithuania's Saldo Bank, in a deal expected to close in 2027 if regulators approve. The purchase adds deposit accounts, lending and payment services to a group built on crypto trading. Saldo's June 2026 filing lists €196.9 million in assets, €169.4 million in retail deposits and a €129.5 million gross credit portfolio, against a €545,000 net loss for the period as €6.25 million in credit impairments outweighed €5.7 million in operating profit before impairment.
Why it matters
The strategic logic is revenue that survives quiet trading periods: salary, savings, payments and Bitcoin in one app, with interest-bearing deposits, consumer and business lending, and card products on the roadmap. Payward has also connected to Singapore Gulf Bank's institutional dollar-payment network, and Nasdaq agreed to invest $100 million in the group.
But one branded interface would hold three different legal relationships. Eligible Saldo Bank deposits fall under Lithuania's deposit-guarantee scheme, generally capped at €100,000 per depositor per institution. EEA electronic-money balances sit with Payward Ireland as a safeguarded pool, not an insured deposit, so customers rely on an insolvency process rather than a statutory ceiling. Bitcoin held in custody carries no deposit insurance at all, and nothing reimburses a price loss.
The loan book deserves equal attention. Loans more than 90 days overdue jumped almost 118% in 2025, from €1.615 million to €3.514 million, lifting their share of gross loans from 1.55% to 2.84%. The impairment allowance reached €11.45 million, about 8.84% of the book, while credit-loss expense exceeded operating profit in the June filing.
Market impact
Saldo's balance sheet looks solid at the top: a 19% capital adequacy ratio and a liquidity coverage ratio of 1,957.2%. If the deal closes, Kraken's customer base could feed deposits and loan demand into a bank whose underwriting quality now sits on Payward's own income statement. The open item is the integrated product itself: Payward has not yet specified where a salary lands first, which entity holds it, and how protections transfer when money moves between the bank, the e-money platform and crypto custody.
Frequently asked questions
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What is Payward acquiring from Saldo Finance Oy?
Payward, Kraken's parent company, agreed on Oct. 14 to acquire Saldo Finance Oy, the Finnish owner of Lithuania's Saldo Bank, adding deposit accounts, lending and payment services to its crypto trading business.
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Are deposits at Saldo Bank protected by deposit insurance?
Eligible Saldo Bank deposits qualify for Lithuania's statutory deposit-guarantee scheme, which generally protects up to €100,000 per depositor per institution. Kraken's electronic-money balances are safeguarded but carry no deposit insurance.
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What lending risks does the Saldo acquisition bring?
Saldo's loans more than 90 days overdue rose almost 118% in 2025 to €3.514 million, or 2.84% of gross loans, and its €6.25 million credit impairment expense exceeded operating profit in the June 2026 period, producing a €545,000 net loss.
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When will the Kraken and Saldo Bank deal close?
The deal is expected to close in 2027, subject to regulatory approval. Payward has not yet published terms for any integrated salary product combining deposits, payments and crypto.
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How financially strong is Saldo Bank?
Saldo Bank reported €196.9 million in total assets, a 19% capital adequacy ratio and a liquidity coverage ratio of 1,957.2% as of June 2026, though it posted a €545,000 net loss for the reported period.
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