Kraken parent Payward agrees to buy Lithuania's Saldo Bank for an EU banking licence
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What happened
On 14 October 2026, Payward, the parent company of crypto exchange Kraken, announced an agreement to acquire Saldo Finance Oy, the Finnish holding company of Lithuania-based Saldo Bank UAB. Saldo is licensed in Lithuania with passporting rights to Finland, Sweden, Germany and the Netherlands, five markets in total. It offers retail deposits in all five, consumer loans in Lithuania, Finland and Sweden, and SME loans in Lithuania and Finland. The deal would give Payward an EU banking licence; it currently holds an electronic money institution licence from the Central Bank of Ireland. Terms were not disclosed, and the deal is expected to close in 2027, subject to regulatory approval.
Payward said it planned to offer European users interest on deposits, lending products and services such as card issuance and SME lending, and said its banking business had originated more than $2 billion in loans. CoinDesk reported Saldo's total assets at 163.9 million euros (about $180 million) at the end of 2025, up 22.7% from a year earlier, citing The Banks, though its headline gave $190 million. CoinDesk also cited a Financial Times report that Payward would be the first crypto firm to buy an EU bank.
Key points
- Payward agreed to acquire Saldo Finance Oy, the Finnish holding company of Lithuania-licensed Saldo Bank UAB.123
- Terms were not disclosed; closing is expected in 2027, subject to regulatory approval.23
- Saldo holds a Lithuanian licence with passporting to Finland, Sweden, Germany and the Netherlands.23
- CoinDesk reported Saldo's total assets at 163.9 million euros (about $180 million) at the end of 2025.3
- Payward said its banking business had originated more than $2 billion in loans.3
Why it matters
The deal would give the company a banking licence in the EU, which Banking Dive described as an upgrade from its Irish electronic money licence. Payward tied planned deposit interest, lending and card products to the European expansion.
Price was not disclosed, so the sources give no way to compare it with Saldo's reported assets of about $180 million. Closing in 2027 depends on regulators, so completion is not yet settled.
Saldo brings retail deposits and consumer and SME lending in several markets. This adds interest-earning banking activity to the picture of a business better known as an exchange.
In context
| Round | Date | Post-money valuation | Raised | Led by |
|---|---|---|---|---|
| Funding round | Sep 25, 2025 | $15B | $600M | DRW Venture Capital, HSG, Jane Street, Oppenheimer Alternative Investment Management, and Tribe Capital |
| Strategic investment | Nov 18, 2025 | $20B | $200M | Citadel Securities |
| Strategic investment | Sep 10, 2026 | $21B | $100M | Nasdaq Ventures |
Updated
Fact-check
- On 14 October 2026 Payward announced an agreement to acquire Saldo Finance Oy, the Finnish holding company of Lithuania-based Saldo Bank UAB.Confirmed by [2] Banking Dive, which reports the 14 October Business Wire announcement of the deal for Saldo Bank and its Finnish holding company, and by [3] CoinDesk the same day. [1] is the Business Wire release itself (it returned 403 during the check); the holding company's name is from the event data.Verified
- Terms were not disclosed and closing is expected in 2027, subject to regulatory approval.Confirmed by [2] Banking Dive and [3] CoinDesk.Verified
- Saldo is licensed in Lithuania with passporting to Finland, Sweden, Germany and the Netherlands, five markets in total, with retail deposits in all five, consumer loans in Lithuania, Finland and Sweden, and SME loans in Lithuania and Finland.Confirmed by [2] Banking Dive. [3] CoinDesk gives the same five markets.Verified
- Payward currently holds an electronic money institution licence from the Central Bank of Ireland, and the deal would give it an EU banking licence.Confirmed by [2] Banking Dive; [3] CoinDesk also cites the Irish EMI licence.Verified
- Payward plans to offer European users interest on deposits, lending products and services such as card issuance and SME lending.Confirmed by [2] Banking Dive; [3] CoinDesk lists interest-bearing deposits, loans and card services.Verified
- Payward said its banking business had originated more than $2 billion in loans.Confirmed by [3] CoinDesk as Payward's statement.Verified
- Saldo's total assets were 163.9 million euros (about $180 million) at the end of 2025, up 22.7% from a year earlier.[3] CoinDesk gives this figure citing The Banks, but its own headline states $190 million without reconciling the two. [2] Banking Dive gives no asset figure.Partly verified
- Payward would be the first crypto firm to buy an EU bank.[3] CoinDesk attributes this to a Financial Times report; no source read confirms it independently, and [2] Banking Dive does not make the claim.Partly verified
Sources
- [1]Business Wire (Payward) (opens in a new tab)Payward to Acquire Saldo Bank, Expanding Payward Banking Across Europe
- [2]Banking Dive (opens in a new tab)Kraken parent eyes EU license with bank acquisitionlicense by license, market by market
- [3]CoinDesk (opens in a new tab)Kraken parent Payward to become first crypto firm to buy a EU bankA regulated EU bank is the piece that lets us serve European clients the way a primary financial institution should.
