Kraken parent Payward agrees to buy Lithuania's Saldo Bank for EU licence

Payward, the parent company of crypto exchange Kraken, agreed on Oct 14, 2026 to acquire Lithuania-based Saldo Bank, CoinDesk reported. The deal would give Payward a European Union banking licence, and Payward plans to offer deposits, lending and card services. The price was not disclosed, and closing is expected in 2027.

Deal terms and timeline

Coinpedia says Payward announced a definitive agreement in a press release on Oct 14, though Crypto Times says no formal statement was issued. The deal is subject to regulatory approvals and is expected to close in 2027, according to Traders Union. Financial terms were not disclosed.

The structure is slightly different from the headline version. Per Payward's announcement as relayed by TokenPost, the agreement covers Saldo Finance Oy, a Finnish holding company. That company owns Saldo Bank UAB, which is licensed in Lithuania. The deal has not yet closed.

About Saldo Bank

The Bank of Lithuania register lists Saldo Bank UAB as a specialised bank, with its licence valid from Oct 26, 2021, as relayed by CoinLaw. Permissions include deposit-taking, payment instruments, e-money and money remittance. Coinpedia says the European Central Bank authorises Saldo and the Bank of Lithuania supervises it. The Bank of Lithuania register, as relayed by CoinLaw, lists the licence.

TokenPost says Saldo operates in Lithuania, Finland, Sweden and Germany, and its authorisation is passported into the Netherlands. Payward's own post, as quoted by Coinpedia, describes five European markets. That count is consistent with the four operating countries plus the Netherlands passport, but the outlets do not explain the difference.

Reported size varies by outlet. CoinDesk puts total assets at $190 million, while Crypto Times reports €162.9 million in assets. The two are in different currencies and the reporting dates are not given in the sources. Crypto Times also reports €136.9 million in deposits at end-2025. Crypto Briefing reports a €124 million loan portfolio at end-2025 and a 2025 net profit of €0.96 million, against a €2.39 million loss in 2024. Saldo began operating in Lithuania in February 2023.

What Payward plans

TokenPost says the acquisition would let Payward Banking offer interest on deposits, lending and banking-as-a-service, which could include card issuance and SME lending. CoinDesk lists interest-bearing deposits, loans, card services and euro payments.

Digital Today, citing the FT, reports that co-CEO Arjun Sethi said bank-like products were among customers' most requested features. He said Payward will build a system bundling cash, crypto, tokenised stocks and credit. Customers could borrow or lend against assets without selling them.

Why it matters

Decrypt says the FT reported that Payward is the first digital asset company to buy a bank in Europe. Blockchain Academics has not independently checked this claim.

Traders Union reports Payward bought derivatives exchange Bitnomial in April and Asian stablecoin payments firm Reap Technologies in May. Blockchain Academics has not verified the reported amounts ($550 million and $600 million). It also says Payward is preparing to go public. TokenPost says Payward launched a US multi-asset debit card through Kraken's Krak app in August 2026.

Open questions

Saldo's reported balance sheet is modest, and the EU banking licence is the asset CoinDesk emphasises. Crypto News Flash, analysing Saldo's financial statements, says overdue loans have risen sharply and capital ratios have fallen as the bank grew. It says Payward may need to add capital to support European lending plans. Blockchain Academics did not verify those accounts.

Regulatory approval is still required, and Payward's planned bundled banking offering has not launched. Crypto Times says neither company had issued a formal statement, while Coinpedia, Bitbase, TokenPost and Crypto News Flash cite a Payward announcement or press release. Blockchain Academics could not access the primary announcement and could not settle the discrepancy.

Sources

• CoinDesk: Kraken parent Payward to become first crypto firm to buy a EU bank
• Coinpedia: Kraken parent Payward acquires Saldo Bank
• TokenPost: Payward and Saldo Bank
• Decrypt: Kraken owner Payward to buy Lithuania's Saldo Bank
• Traders Union: Payward buys Saldo Bank
• Crypto Times: Saldo Bank financials
• CoinLaw: Bank of Lithuania register details
• Crypto Briefing: Saldo loan portfolio and profit
• Digital Today: Sethi comments via FT
• Crypto News Flash: balance sheet analysis
• Bitbase: Decrypt reprint