Payward, the parent company of cryptocurrency exchange Kraken, has agreed to acquire Lithuania-based Saldo Bank to obtain a European Union banking license. This acquisition, which is expected to finalize in 2027 pending regulatory approval, positions Payward as the first cryptocurrency firm to purchase a bank in Europe, according to the Financial Times.
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With this move, Payward aims to expand its services beyond cryptocurrency trading into traditional financial offerings, including interest-bearing deposits, loans, card services, and euro payment capabilities for European clients.
Arjun Sethi, co-CEO of Payward, stated that owning a regulated EU bank will enable the firm to serve its European clients effectively as a primary financial institution, allowing for easier asset management and transactions.
Saldo Bank reported total assets of approximately 163.9 million euros (around $180 million) at the end of 2025, marking a 22.7% increase from the previous year. The bank is licensed to operate in Lithuania, Finland, Sweden, and Germany, and has the ability to provide services in the Netherlands as well.
In addition to this acquisition, Payward's banking division has originated over $2 billion in loans and maintains a limited-purpose master account with the Federal Reserve, alongside an electronic money institution license in Ireland. The details regarding the acquisition price have not been disclosed.