Kraken Parent Buys EU Bank

Payward, the parent company of cryptocurrency exchange Kraken, has agreed to acquire Lithuania-based Saldo Bank for an undisclosed amount. The acquisition is expected to close in 2027, subject to customary regulatory approvals, and will make Payward the first cryptocurrency company to buy a European bank.

The deal will enable Payward to expand its traditional banking services into four EU operating markets, including Lithuania, Finland, Sweden, and Germany, where Saldo Bank already offers retail term deposits. Saldo Bank is also authorized to operate in the Netherlands.

Saldo Bank had 163.9 million euros ($180 million) in total assets at the end of 2025. The acquisition will allow Payward to offer European customers interest-bearing bank deposits, loans, card services, and euro payments.

Payward's co-CEO, Arjun Sethi, stated that a regulated EU bank is essential for serving European clients as a primary financial institution, enabling them to hold assets, move them freely, and put them to work. The company's banking business has already originated more than $2 billion in loans.

## What it means The acquisition is a significant step in Payward's expansion into traditional financial services. With a European Union banking license, Payward will be able to compete with traditional lenders and offer a range of banking services to its customers. This move is part of a larger trend of cryptocurrency companies expanding into traditional financial services, as they seek to provide a more comprehensive range of services to their customers.

## Background Payward has been building its infrastructure for years, and the acquisition of Saldo Bank is a deliberate next step in this strategy. The company has already secured a Federal Reserve limited-purpose master account and an electronic money institution license in Ireland. In the US, Payward has applied for a national trust bank charter, and its banking arm has secured limited access to the Federal Reserve's payment system.

The acquisition of Saldo Bank will enable Payward to offer its customers a more traditional banking experience, with the ability to hold assets, access loans, and make payments in euros. This will be a significant development for the company's European customers, who will now have access to a range of banking services from a single provider.