Payward, the parent company of the Kraken exchange, signed a definitive agreement on October 14, 2026, to acquire Saldo Finance Oy, the Finnish holding company that owns Saldo Bank UAB. The transaction will give Payward a specialized banking license issued by the Bank of Lithuania and supervised under the ECB Single Supervisory Mechanism. Closing remains subject to regulatory approvals and is expected in 2027.
Deal Structure and Regulatory Timeline
The purchase covers the entire holding company rather than the Lithuanian subsidiary alone. No purchase price has been disclosed. Regulatory review will examine reputation, financial soundness, AML controls, and prudential compliance. The Bank of Lithuania will provide input to the ECB, which holds final authority for significant credit institutions.
Payward already operates an Irish EMI license, a Cyprus MiFID authorization, and MiCA registration. The new license will add deposit-taking, lending, and banking-as-a-service capabilities that complement these existing permissions. Integration planning has begun, though product launches will require further supervisory sign-off after closing.
Post-acquisition, Payward intends to expand retail term deposits, consumer and SME lending, SEPA payments, and embedded finance offerings across the five passporting markets. No interim deadlines for approvals have been announced by either party or regulators.
Saldo Bank Financial Profile and Footprint
At the end of 2025, Saldo Bank reported total assets between €162.9 million and €163.9 million, a year-on-year increase of 22 to 23 percent. Retail deposits reached approximately €136.9 million, up 24 to 25 percent from the prior year. The net loan portfolio stood at €113.5 million to €124 million, while equity reached €16.3 million. Capital ratios included a CET1 ratio of 14.9 percent and a total capital ratio of 19.8 percent.
The bank recorded its first annual profit of €0.96 million in 2025 after posting a €2.39 million loss in 2024. It employed more than 90 staff as of late September 2026. Operations began in February 2023 under the specialized banking license granted around 2021.
Saldo Bank offers retail term deposits in Lithuania, Finland, Sweden, Germany, and the Netherlands. Consumer loans are available in three of those markets, SME loans in two. It also provides SEPA payments and embedded lending services, with a credit card launched in Finland and planned for Sweden in 2027.
Strategic Value for Payward and EU Clients
Co-CEO Arjun Sethi stated that the license enables Payward to serve EU clients as a primary financial institution with integrated cash, crypto, tokenized assets, and credit products. Saldo President Jarkko Mäensivu noted that the license's value depends on the services built on top of it and that the combination will allow customers to access multiple offerings in one place.
Payward reported more than $2 billion in originated loans through its existing platforms prior to the announcement. The acquisition marks the first reported instance of a crypto-native firm purchasing an EU-licensed bank. The combined entity will operate under Payward Banking and target both retail and business clients across the passporting jurisdictions once integration is complete.
Frequently asked questions
When will the Payward Saldo Bank acquisition close?
Closing is expected in 2027 after regulatory approvals from the ECB and input from the Bank of Lithuania. No specific approval date has been set.
What license does Saldo Bank hold?
Saldo Bank UAB operates under a specialized banking license issued by the Bank of Lithuania around 2021 and supervised by the ECB, with passporting rights to five EU markets.
How large is Saldo Bank financially?
At the end of 2025 the bank held roughly €163 million in assets, €137 million in retail deposits, and reported its first net profit of €0.96 million after a loss the prior year.
What services will Payward add through the deal?
The license brings deposit taking, consumer and SME lending, credit cards, SEPA payments, and banking-as-a-service capabilities that complement Payward's existing EMI and MiCA permissions.
By YasTech Editorial
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