Payward Inc., the parent company of the Kraken cryptocurrency exchange, signed a definitive agreement on October 14, 2026, to acquire Saldo Finance Oy, the Finnish parent of Lithuania-licensed specialized bank Saldo Bank UAB. The transaction gives Payward the first EU banking license held by any crypto firm and expands its ability to offer deposits and lending inside the bloc.
Deal terms and financial profile of Saldo Bank
The purchase price was not disclosed. Saldo Bank received its full banking license from the European Central Bank in 2021 following a proposal by the Bank of Lithuania. At the end of 2025 the bank reported total assets of €162.9–163.9 million, retail deposits of €136.9 million and a loan book of €124 million. Net profit reached €0.96 million after a loss in 2024, supported by capital ratios that regulators described as strong.
Saldo Bank operates directly in Lithuania, Finland, Sweden and Germany and holds passporting rights into the Netherlands. Its product range includes retail term deposits, consumer loans in Lithuania, Finland and Sweden, SME loans in Lithuania and Finland, credit cards in Finland with planned rollout in Sweden in 2027, SEPA payments and embedded lending partnerships. Payward already originates more than $2 billion in loans through its existing Payward Banking unit and holds a U.S. Federal Reserve limited-purpose master account plus an Ireland electronic money institution license.
Strategic plans and regulatory timeline
Payward co-CEO Arjun Sethi said the regulated EU bank will let the firm serve European clients with a single place to hold assets, move funds and earn returns. The company intends to combine cash, crypto, tokenized assets and credit products, beginning with expanded lending and credit cards. Saldo Bank president Jarkko Mäensivu stated that the combination will allow the bank to reach more clients with broader services.
The transaction remains subject to regulatory approvals, including review by the ECB for qualifying holdings. Closing is expected in 2027. After completion, Payward plans to introduce interest-bearing deposits, wider lending and credit-card issuance, plus banking-as-a-service offerings across the passporting markets already served by Saldo Bank. The move follows earlier Payward acquisitions such as Bitnomial and prior EU regulatory approvals including an Ireland EMI license, a Cyprus MiFID license and MiCA registration.
Frequently asked questions
When will the Payward Saldo Bank deal close?
The transaction is expected to close in 2027 after regulatory approvals from the European Central Bank and other authorities.
What products will Payward offer through the new EU bank?
Plans include interest-bearing deposits, expanded consumer and SME lending, credit cards and banking-as-a-service for partners in the current passporting markets.
Does the acquisition change anything for existing Kraken users outside Europe?
No immediate changes are planned for clients outside the EU passporting area; the license primarily supports services for European residents.
How large is Saldo Bank compared with other EU specialized banks?
At end-2025 Saldo Bank held roughly €163 million in assets and €137 million in deposits, placing it among smaller digital-first specialized banks licensed in Lithuania.
By YasTech Editorial
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