Kraken Parent Payward to Buy Lithuanian Saldo Bank in Push Into Traditional Banking

Payward, the parent company of crypto exchange Kraken, has agreed to buy Saldo Bank, a Lithuania based digital bank, as part of its move into traditional financial services. The company calls the deal a deliberate next step in an infrastructure strategy it has been building for years. Payward signed a definitive agreement to acquire Saldo Finance Oy, a Finnish holding company whose subsidiary, Saldo Bank UAB, holds a Lithuanian banking license. The deal is expected to close in 2027, subject to the usual regulatory approvals.

EU Banking License and Market Expansion

Saldo Bank’s EU license and footprint will let Payward expand into four operating markets: Lithuania, Finland, Sweden and Germany, where the bank already offers retail term deposits. Its authorization is also passported into the Netherlands. Once the deal closes, Payward Banking could offer interest on deposits, lending products and banking as a service, including card issuance, passporting and lending for small and medium businesses. Payward co CEO Arjun Sethi said a regulated EU bank lets the company serve European clients the way a primary financial institution should, with one place to hold assets, move them freely and put them to work.

Payward’s Wider Financial Services Push

In August, Payward launched a multi asset debit card in the US through Kraken’s payment app, Krak. Customers can spend crypto and fiat while earning up to 2% cashback in dollars or Bitcoin.