Payward, Parent Company of Kraken, Acquires Parent Company of Saldo Bank to Obtain EU Banking License

Full-scale Entry into Banking in Europe, Accelerating the Fusion of Cryptocurrency and Traditional Finance

Payward, the parent company of cryptocurrency exchange Kraken, announced that it has signed a final agreement to acquire Saldo Finance Oy, a Finnish holding company that owns Saldo Bank, which is licensed in Lithuania, on October 14, 2026.

The transaction is expected to be completed in 2027, pending regulatory approval, with the aim of obtaining a banking license from the EU and expanding financial services such as deposits and loans.

Acquiring Banking License and Business Foundation in Five European Countries

Saldo Bank obtained a specialized banking license in Lithuania in 2021 and began full-scale banking operations in February 2023. It currently operates in Lithuania, Finland, Sweden, and Germany, and has also received approval in the Netherlands.

The bank offers personal time deposits, consumer loans, and loans for small and medium-sized enterprises, and it issues credit cards in Finland. It plans to start card services in Sweden in 2027.

After the acquisition is completed, Payward plans to provide interest-bearing deposits, consumer and SME loans, and credit cards to European customers through Payward Banking. Furthermore, it aims to offer BaaS (Blockchain as a Service) services, including card issuance and access to SEPA payments (Single Euro Payments Area), to other fintech companies.

As of the end of 2025, Saldo Bank's total assets are projected to be €162.9 million (approximately ¥28.9 billion), a 22% increase from the previous year. The financial terms of the acquisition, including the purchase price, have not been disclosed.

From Cryptocurrency to Comprehensive Finance: Payward's Next Move

Payward already holds a limited-purpose master account with the Federal Reserve in the United States and has obtained an electronic money institution license from the Central Bank of Ireland. According to the company, its lending record has exceeded $2 billion (approximately ¥315.86 billion), and it is also in the process of applying for national trust bank approval in the U.S.

Co-CEO Arjun Sethi envisions a financial service that allows customers to handle cash, cryptocurrencies, tokenized stocks, and credit all in one place. He is also considering a system where customers can borrow and lend using their assets as collateral without selling them.

Sethi stated that regulated EU banks will be a crucial element in providing services to European customers as major financial institutions, indicating plans for global expansion starting from the EU.

Kraken is also expanding its business beyond cryptocurrency trading to include traditional financial products such as stocks and bonds. This acquisition represents a further step in Payward's efforts to integrate banking services with digital assets.

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