Payward, the parent company of cryptocurrency exchange Kraken, has agreed to acquire Finnish holding company Saldo Finance Oy, which owns the digital bank Saldo Bank licensed in Lithuania. The deal will give Payward a full European Union banking license.
Saldo Bank already operates in Lithuania, Finland, Sweden, and Germany and holds authorization to operate in the Netherlands. The bank offers retail term deposits across all its markets. Consumer loans are available in Lithuania, Finland, and Sweden, while secured and unsecured loans for small and medium-sized businesses are provided in Lithuania and Finland.
Its credit card is available in Finland, with a launch in Sweden planned for 2027. In addition, the bank has full access to SEPA payments and provides embedded lending to other fintech companies in Finland and Germany.
For Payward, the acquisition is the next step in the development of its Payward Banking division. According to the company, the unit has already originated more than $2 billion in loans. Payward currently holds a limited-purpose master account with the U.S. Federal Reserve and an electronic money license from the Central Bank of Ireland.
Once the deal closes and all regulatory approvals are obtained, the company plans to offer European clients interest-bearing deposits, lending products, and card issuance services.
“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, co-CEO of Payward.
Saldo Bank President Jarkko Mäensivu added:
“Combining these capabilities with our five-market footprint means far more customers can access the full range of what both businesses offer – banking, payments, and lending in one place.”
Payward was founded in 2011 and owns the crypto exchange Kraken. Saldo Bank received its EU banking license in 2021 and provides consumer and business loans as well as term deposits.
The purchase price has not been disclosed. Subject to customary closing conditions, including regulatory approvals, the transaction is expected to complete in 2027.
According to the Financial Times, the deal will make Payward the first crypto company to buy a bank in the European Union. It forms part of the company’s broader strategy to expand into traditional financial services.
Earlier this year, Payward acquired derivatives exchange Bitnomial and Asian stablecoin payments firm Reap Technologies. In the United States, the company has also applied for a national trust bank charter.
