Payward buys Saldo Bank

Payward has agreed to acquire Saldo Bank, gaining a European banking licence.

Payward is the parent company of crypto exchange Kraken and is positioning itself as a broader financial infrastructure and banking group rather than solely a digital asset trading business

Arjun Sethi, co-chief executive at Payward, said the deal marks a key step in the firm's long-term banking strategy.

“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,” he said.

The parent company of crypto exchange Kraken has signed a definitive agreement to acquire Saldo Finance Oy, the Finnish holding company of Lithuania-licensed Saldo Bank. Financial terms were not disclosed, and the transaction is expected to close in 2027 subject to regulatory approval.

The acquisition would give Payward access to an EU banking licence and an operational footprint spanning Lithuania, Finland, Sweden and Germany, alongside passporting rights into the Netherlands.

Once completed, Payward expects to offer interest-bearing deposits, consumer and SME lending, credit cards and banking-as-a-service capabilities through its European banking arm. These services remain subject to regulatory approval.

Jarkko Mäensivu, president at Saldo Bank, explained that combining the firms' infrastructure and market reach would allow more customers to access banking, payments and lending services through a single platform.

The deal forms part of Payward’s broader push into regulated financial services. The company says it already holds an electronic money institution licence from the Central Bank of Ireland, a Federal Reserve limited-purpose master account in the US, and has originated more than bn in loans.

The acquisition also reflects a wider trend of digital asset firms pursuing banking licences as they look to diversify revenues beyond trading and offer integrated payments, lending and deposit products.