Payward to acquire Saldo Bank in European banking push
Payward, the parent company of cryptocurrency exchange Kraken, has signed a definitive agreement to acquire Saldo Finance Oy, a Finnish holding company whose subsidiary Saldo Bank UAB holds a specialised banking licence in Lithuania. The deal would give Payward an EU banking licence and a presence in five European markets, according to an announcement from the company.
The bank operates in Lithuania, Finland, Sweden and Germany, with a passport into the Netherlands. Payward did not disclose the financial terms, and said the transaction is expected to close in 2027 subject to regulatory approvals. Saldo already offers retail term deposits in all four of its operating markets, consumer lending in Lithuania, Finland and Sweden, and a credit card in Finland.
Payward said that once completed, the acquisition is expected to allow Payward Banking to offer interest on deposits, SME and consumer loans, credit cards, and banking-as-a-service tools including card issuance, SEPA payments access and embedded lending for partners. "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," said Arjun Sethi, Payward's co-CEO. "We are starting in the EU, and the ambition is global."
The move is part of a broader push by Kraken and other crypto exchanges into traditional finance, with the company marketing its app as a "primary account for everything" and allowing users to trade stocks, bonds and other assets. Payward said it already holds a Federal Reserve limited-purpose master account in the U.S. and an e-money licence from the Central Bank of Ireland, and has originated more than $2 billion in loans.
The announcement follows Payward's plans this week to launch in the UAE after receiving full approval from Dubai's Virtual Asset Regulatory Authority. In September, Bloomberg reported that Nasdaq Inc. was investing $100 million in Payward at a $21 billion valuation, citing people familiar with the matter. Payward and SoFi Technologies also recently agreed to route SoFi customers' crypto orders through Kraken Prime, Kraken's prime brokerage arm.
