On October 14, 2026, Payward, the parent company of crypto exchange Kraken, announced that it has signed a definitive agreement to acquire Saldo Finance Oy, the Finnish financial group that owns Saldo Bank UAB, a licensed bank in Lithuania. The deal value was not disclosed by either party, and the transaction is expected to close in 2027 following approvals from European banking regulators.
If approved by regulatory authorities, the deal will give Payward direct access to a specialized banking license in the European Union, enabling the exchange to move beyond digital asset trading and expand into core traditional banking services.
Operating Capabilities and Financial Scale of Saldo Bank
Saldo Bank originated as a consumer credit institution in Finland established in 2006, before transforming its business model and securing a specialized banking license through Lithuania’s regulatory framework in October 2021. The bank began operating full-suite banking services in February 2023 and quickly expanded its deposit-taking network across Northern and Western Europe.
As of the end of 2025, Saldo Bank reported total assets of approximately EUR 163 million, an outstanding loan balance of EUR 124 million, and a retail deposit balance of EUR 137 million. The bank’s annual revenue reached EUR 28 million, alongside an operating profit of EUR 10 million. Saldo Bank currently operates across four markets—Lithuania, Finland, Sweden, and Germany—and has also received in-principle approval to enter the Netherlands.
Saldo Bank Chairman Jarkko Maensivu stated that the bank’s infrastructure was built to provide embedded financial services across the European Union, creating a solid foundation to integrate with the compliance network Payward has heavily developed over the years.
Crypto Exchanges’ Strategy of Owning Banking Infrastructure
Payward Co-CEO Arjun Sethi affirmed that Payward Banking represents a long-term direction methodically built market by market. Starting out as a cryptocurrency exchange founded in 2011 following the collapse of Mt. Gox, Kraken has gradually assembled financial infrastructure components including a Wyoming bank charter, an electronic money institution license in Ireland, and a limited master account at the US Federal Reserve.
Acquiring Saldo Bank will add critical pieces to Kraken’s puzzle: interest-bearing deposit accounts, personal credit services, SME financing, and connectivity to the Single Euro Payments Area (SEPA) network. Rather than relying on intermediary banking partners—which carry the constant risk of de-banking—owning its own bank allows the exchange to directly control customer fiat flows.
The key challenge ahead will lie in the review process by banking regulators in the European Union, as the acquisition of a traditional deposit-taking institution by a crypto conglomerate will undoubtedly face rigorous scrutiny over capital adequacy and anti-money laundering controls.