Kraken’s parent company gains Lithuanian-licensed bank and five-market footprint
Payward, the parent company of crypto exchange Kraken, has signed a definitive agreement to acquire Saldo Bank UAB, a Lithuanian-licensed digital bank, gaining an EU banking license and operational presence across five European markets.
The acquisition expands Payward’s push into traditional financial services beyond crypto trading. Arjun Sethi, co-CEO of Payward, said in a statement: “A regulated EU bank is the piece that lets us serve European clients the way a primary financial institution should: one place to hold assets, move them freely, and put them to work. We are starting in the EU, and the ambition is global.”
Saldo Bank currently operates retail term deposits, consumer lending, and credit card services across Lithuania, Finland, Sweden, and Germany. Post-acquisition, Payward Banking plans to offer interest on deposits, SME and consumer loans, credit cards, banking-as-a-service tools including card issuance, SEPA payments, and embedded lending. The deal is expected to close in 2027, subject to regulatory approvals.
Expanding into traditional finance
Payward already holds a Federal Reserve limited-purpose master account in the U.S. and an e-money license from the Central Bank of Ireland. The company has originated $2 billion in total loans. Kraken itself has broadened its product suite to include stocks, bonds, and other assets alongside digital asset trading.
The acquisition comes as Payward strengthens its institutional and retail partnerships. In September 2026, Bloomberg reported that Nasdaq Inc. invested $100 million in Payward at a $21 billion valuation. Payward and SoFi Technologies recently agreed to route SoFi customers’ crypto orders through Kraken Prime.
On October 13, 2026, one day before announcing the Saldo Bank acquisition, Payward announced full license approval from Dubai’s Virtual Asset Regulatory Authority and outlined plans to launch in the UAE.
Saldo Bank’s structure
Saldo Bank is owned by Saldo Finance Oy, a Finnish holding company. The bank holds a digital-first operational model focused on deposit products and consumer lending across Northern and Central Europe. Payward’s acquisition of the bank grants access to its existing customer base and regulatory infrastructure in a region where Kraken has sought deeper financial services integration.
