Payward, the parent company of Kraken, has agreed to acquire Lithuania-based Saldo Bank, aiming to offer deposits, loans and payment services to customers in Europe.
The purchase price was not disclosed, according to CoinDesk. The deal, which is subject to regulatory approval, is expected to close in 2027 and would pave the way for Payward to move beyond crypto trading and offer licensed banking services in the EU.
According to the Financial Times, once the acquisition is completed, Payward will become the first crypto company to acquire a bank in Europe.
Deposits, loans and card services in the works
With the deal, Payward aims to offer EU customers interest-bearing bank deposits, loans, card services and euro payments. Co-CEO Arjun Sethi said a licensed European bank would complete the missing piece in the company’s plan to create a single financial institution where customers can hold, transfer and put their assets to work.
Kraken’s search for a banking license in Lithuania came to light in July. The Saldo Bank deal advances that goal through a direct bank acquisition.
Saldo Bank’s assets near 164 million euros
According to data from The Banks, Saldo Bank’s total assets reached 163.9 million euros, up 22.7 percent from the previous year, at the end of 2025. The bank offers deposit, retail and commercial lending, and payment services.
The Lithuania-based bank is also authorized to operate in Finland, Sweden and Germany, and to provide cross-border services in the Netherlands.
Payward said it has extended more than $2 billion in loans through its banking operations to date. The company also said it has a limited-purpose Federal Reserve master account in the United States and an electronic money institution license in Ireland. The planned EU services under the new acquisition will depend on regulatory approvals and completion of the deal.
Not investment advice.