Payward, the parent company of cryptocurrency exchange Kraken, has agreed to acquire Lithuania-based Saldo Bank, marking a significant step in its expansion from digital asset trading into traditional banking services.
Under the agreement announced on October 14, Payward will acquire Saldo Finance Oy, the Finnish holding company that owns Saldo Bank, a regulated financial institution licensed in Lithuania and authorized to operate across five European markets.
The transaction is expected to close in 2027, subject to regulatory approval. Financial terms were not disclosed.
Saldo Bank currently offers retail deposits in Lithuania, Finland, Sweden and Germany, alongside consumer lending, small-business loans and embedded financial services for fintech companies. It also holds authorization to expand into the Netherlands.
The acquisition could allow Payward to integrate interest-bearing deposits, lending products, credit cards and SEPA payment services into its broader financial ecosystem, bringing traditional banking capabilities alongside cryptocurrency trading and investment products.
Payward already holds an electronic money institution license from the Central Bank of Ireland and has obtained a limited-purpose Federal Reserve master account in the United States. Acquiring a fully licensed European bank would significantly expand its ability to provide regulated financial services directly.
The move also reflects a broader convergence between cryptocurrency companies and traditional financial institutions.
While major banks have increasingly entered digital assets through custody, stablecoins and tokenization, crypto-native companies are moving in the opposite direction, seeking banking licenses and infrastructure to offer conventional financial products.
For Kraken, the acquisition could eventually allow customers to manage digital assets, cash balances and borrowing through a more integrated financial platform, although the availability of individual services will depend on regulatory approvals.
The proposed transaction highlights how competition between crypto platforms and banks is evolving beyond trading and payments toward a wider range of financial services.