Kraken Parent Company Payward to Buy Saldo Bank in European Banking Push

Payward, the parent company behind the cryptocurrency exchange Kraken, has finalized a definitive agreement to purchase Saldo Bank, granting the group an EU banking licence and a presence across five European markets.

Payward is acquiring Saldo Finance Oy, a Finnish holding company whose subsidiary, Saldo Bank UAB, functions as a digital‑first specialist bank licenced in Lithuania. The acquired entities operate in Lithuania, Finland, Sweden and Germany, and enjoy a passport to the Netherlands.

While Payward has not disclosed the commercial terms of the transaction, the deal is targeted for closure in 2027, contingent upon regulator approvals.

As Kraken moves deeper into mainstream finance, it begins offering investments in equities, bonds and other assets—a direction reflected in the recent sale of its mobile app as a “primary account for everything.”

“A regulated EU bank gives us the capability to serve European clients as a true core banking institution: one place to hold assets, move them freely, and deploy capital,” said Arjun Sethi, Payward’s co‑CEO. “We are launching in Europe, and our aim is global growth.”

Once complete, Payward Banking is expected to expand product suites to include interest‑bearing deposits, SME and consumer Lending, plus credit‑card services, BAaS solutions such as card issuance, seamless SEPA‑payment access, and embedded lending for strategic partners.

Saldo already provides retail term deposits in all four of its operating jurisdictions, delivers consumer lending in Lithuania, Finland and Sweden, and has issued a credit card in Finland.

Payward maintains a Federal Reserve limited‑purpose master account in the United States and holds an e‑money licence from Ireland’s Central Bank, having originated more than $2 billion in loans to date.

The transaction follows Payward’s earlier announcement that it will launch in the United Arab Emirates after obtaining full status from Dubai’s Virtual Asset Regulatory Authority.

Earlier this month, Bloomberg reported that Nasdaq invested $100 million in Payward at a $21 billion valuation. Moreover, Payward and SoFi Technologies have agreed to route SoFi’s crypto trades through Kraken Prime, the platform’s prime‑broking service.

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