CoinDesk
Payward, the parent of crypto exchange Kraken, agreed to acquire Lithuania-based Saldo Bank for an undisclosed amount, a deal that would give it an EU banking license. Saldo Bank held €163.9 million ($180 million) in assets at the end of 2025, up 22.7% year over year. The transaction is subject to regulatory approval and is expected to close in 2027.
Why it matters
The acquisition would make Payward the first crypto company to buy a European bank, according to the Financial Times. A banking license would expand its business beyond crypto trading, enabling it to offer European customers interest-bearing deposits, loans, card services and euro payments.
Payward co-CEO Arjun Sethi said a regulated EU bank would let the company offer clients one place to hold assets, move them and put them to work. Saldo is licensed in Lithuania, Finland, Sweden and Germany, and can operate in the Netherlands under a passporting arrangement. Its existing services include deposits, consumer and business loans, and payments.
Market impact
The deal would give Kraken’s parent a direct route into regulated European banking services, putting it in closer competition with traditional lenders. Payward said its banking business has already originated more than $2 billion in loans. The acquisition’s impact depends on regulatory approval and completion, currently expected in 2027.
Frequently asked questions
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What would Payward gain from acquiring Saldo Bank?
The acquisition would give Payward an EU banking license and allow it to offer European customers deposits, loans, card services and euro payments.
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How large was Saldo Bank at the end of 2025?
Saldo Bank held €163.9 million, or $180 million, in assets at the end of 2025. Its assets had grown 22.7% from a year earlier.
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When is the Payward-Saldo Bank deal expected to close?
The deal is subject to regulatory approval and is expected to close in 2027.
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Where is Saldo Bank licensed to operate?
Saldo Bank is licensed in Lithuania, Finland, Sweden and Germany, and can operate in the Netherlands through a passporting arrangement.
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How does the acquisition fit Payward’s existing banking business?
Payward said its banking business has already originated more than $2 billion in loans. The Saldo acquisition would add a European bank and broaden its services beyond crypto trading.
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