Payward, the parent company of cryptocurrency exchange Kraken, has agreed to acquire Lithuania-based Saldo Bank in a transaction that would give the crypto group access to an EU banking license. The amount was not disclosed, and the deal still requires regulatory approval before an expected completion in 2027.
The proposed purchase would mark a significant expansion beyond crypto trading. With Saldo Bank’s authorization, Payward would be able to provide European customers with interest-bearing deposits, loans, card services and euro payments through a regulated banking structure.
A banking route into European services
The transaction would make Payward the first cryptocurrency company to buy a European bank, according to reporting by the Financial Times cited by CoinDesk. It comes as crypto businesses seek to offer a broader range of financial products and compete more directly with established lenders.
A bank license can provide a framework for services that go beyond buying and selling digital assets. Deposits are accounts in which customers hold money with a bank, while lending allows the institution to provide financing to consumers or businesses. Card and euro-payment services would give Payward additional ways to serve customers in the region.
Arjun Sethi, Payward’s co-CEO, described a regulated EU bank as the element needed to serve European clients as a primary financial institution. He said the structure would allow customers to hold assets, move them and use them within one place.
Payward had previously been seeking a banking license in Lithuania, according to CoinDesk reporting in July. In the United States, the company has applied for a national trust bank charter. Its banking arm has also obtained limited access to the Federal Reserve’s payment system.
What Saldo Bank brings to the deal
Saldo Bank is licensed in Lithuania, Finland, Sweden and Germany, and has a passport allowing it to operate in the Netherlands. Its existing business includes deposits, consumer and business loans, and payment services.
The bank reported 163.9 million euros, or about $180 million, in total assets at the end of 2025, according to The Banks. That represented a 22.7% increase from a year earlier. The source material also describes Saldo Bank as holding $190 million in total assets.
The purchase price has not been made public. Payward did not immediately provide CoinDesk with further details about the value of the transaction.
For Payward, acquiring an operating bank could provide a faster path to regulated European services than building a new banking operation from the ground up. However, the acquisition is not yet complete: regulators must approve it, and the companies expect closing to take place in 2027.
Payward said its banking business has already originated more than $2 billion in loans. The group also holds a Federal Reserve limited-purpose master account and an electronic money institution license in Ireland. Those existing permissions form part of its broader effort to develop financial infrastructure alongside its crypto-exchange business.
Moneyiar market picture
Moneyiar market data at 21:08-21:09 on October 15, 2026, showed mixed performance among the tracked crypto-related assets:
- Lighter (LIT) was $3.0662, down 1.35% over 24 hours and 15.70% over seven days.
- Lido DAO (LDO) was $0.4040, up 0.61% over 24 hours but down 0.84% over seven days.
- Ethereum Name Service (ENS) was $5.7536, up 0.14% over 24 hours and down 7.55% over seven days.
- AKEDO (AKE) was $0.03158, up 20.06% over 24 hours and 16.45% over seven days.
These figures describe the selected assets tracked by Moneyiar at the stated time and do not measure the value or expected outcome of Payward’s proposed acquisition.
The Saldo Bank deal would broaden Kraken’s parent company into services traditionally associated with banks, including deposits, credit and payments. Its practical impact will depend on regulatory approval and the transaction’s expected 2027 completion, while the acquisition price remains undisclosed.
