Payward, the parent company of crypto exchange Kraken, signed an agreement on October 14 to acquire Saldo Finance Oy, the Finnish parent company of Lithuania-based Saldo Bank. Announced in a press release, the deal would give Payward access to a specialized banking license within the European Union, subject to regulatory approval.

Through the acquisition, Payward plans to expand into interest-bearing deposits, consumer lending, card services, and euro payments, building on Saldo's existing footprint across four European markets.

Payward Adds a Route Into EU Banking

Payward did not disclose the purchase price. The company expects the transaction to close in 2027, after European regulators review the deal and other closing conditions are met.

Saldo Bank holds a specialized banking license in Lithuania. The European Central Bank licenses Saldo, while Lithuania's central bank regulates its local operations, a split that reflects the EU framework in which the ECB and national authorities share oversight of banks. The bank already serves customers in Lithuania, Finland, Sweden, and Germany, and has authorization to enter the Netherlands. Payward plans to use that network to offer a broader range of financial services in the region.

Under EU rules, a banking license issued in one member state generally allows a bank to offer services across the bloc's single market. That structure means Saldo's Lithuanian license can underpin banking activity in several countries, rather than requiring a separate banking license in each one.

The agreement follows separate talks between Payward and Wells Fargo about supplying crypto trading liquidity. Those discussions not produced an announced agreement; the Saldo transaction, by contrast, is an agreed deal.

Lending and Payments Capabilities

Saldo already accepts retail term deposits across its four active markets. It offers consumer loans in Lithuania, Finland, and Sweden, plus business loans in Lithuania and Finland. The bank also provides lending technology to financial firms in Finland and Germany.

Its credit card is available in Finland, with a Swedish launch planned for 2027.

Payward expects the purchase to support deposit interest, card issuance, and euro payments. Because deposits, consumer credit, and cards sit at the core of retail banking, the deal would take Payward beyond exchange and trading infrastructure into everyday banking services for European customers. The acquisition concerns traditional deposits, credit, and payment services rather than another crypto trading license. It is separate from Payward's recent full regulatory approval in Dubai, which allows Kraken to prepare regulated crypto services there.

Closing Depends on European Regulators

Payward Banking said it has originated more than $2 billion in loans. Its existing operations include an Irish electronic money institution license and limited access to the Federal Reserve payment system. Saldo's license would add a fully licensed EU bank to that existing payments and lending infrastructure.

In the United States, other digital asset businesses are also pursuing bank-related approvals. Payments company Rain recently applied for a national trust bank charter to support stablecoin and custody services, although that application remains under review.

Payward co-CEO Arjun Sethi said the firm has been expanding banking infrastructure across markets. The Saldo acquisition remains subject to regulatory approval, with closing expected in 2027 — the same year Saldo plans to bring its credit card to Sweden.