Kraken parent Payward agrees to acquire Saldo Bank for EU banking license

Kraken parent Payward agreed on October 14, 2026, to acquire Finnish holding firm Saldo Finance Oy, owner of Lithuania-based Saldo Bank. Pending regulatory approvals expected in 2027, Payward will become the first digital asset company to own a European commercial bank. The acquisition grants EU passporting rights across Lithuania, Finland, Sweden, Germany, and the Netherlands, allowing Payward to integrate traditional deposits, consumer lending, SEPA payments, and crypto-backed loans.

Acquisition details and timeline

• ▪Pending regulatory approval, Payward would become the first digital asset company to buy a commercial bank in Europe
• ▪Payward did not disclose the acquisition price for its deal to purchase Saldo Bank
• ▪Kraken parent company Payward announced on October 14, 2026, that it signed a definitive agreement to acquire Finnish holding company Saldo Finance Oy, owner of Lithuania-based Saldo Bank

Banking license scope and restrictions

• ▪Under EU rules, Saldo Bank's specialized banking license grants passporting rights to extend regulated financial services into member countries without seeking individual national licenses
• ▪The acquisition of specialized bank Saldo Bank provides Payward with a European Union banking license supervised by the Bank of Lithuania and European Central Bank

Saldo Bank markets and products

• ▪Saldo Bank offers retail term deposits across its operating markets, consumer lending in three countries, business lending in Lithuania and Finland, and credit cards in Finland with a planned 2027 Swedish rollout
• ▪Saldo Bank operates direct consumer or business banking services in Lithuania, Finland, Sweden, and Germany, and holds legal authorization to expand operations into the Netherlands

Payward's planned banking services

• ▪Payward co-CEO Arjun Sethi stated Payward's integrated platform will allow institutional and retail clients to borrow cash against cryptocurrency or tokenized stock holdings without selling their underlying assets
• ▪Payward plans to use Saldo Bank to provide European clients with interest-bearing deposits, consumer and business loans, card issuance, and SEPA euro payment transfers

Saldo Bank 2025 financial performance

• ▪Saldo Bank reported a net loan portfolio of €113.5 million and retail deposits of €136.9 million at the end of 2025
• ▪Saldo Bank held €162.9 million in total assets at the end of 2025, representing a 22% increase from €133.6 million the previous year
• ▪Saldo Bank recorded its first annual profit of approximately €962,000 in 2025 on €28 million in annual revenue, reversing a €2.4 million loss the previous year

US national trust bank charters

• ▪The Independent Community Bankers of America sued the OCC in October 2026 over conditional national trust bank charters granted to crypto companies like Coinbase and Ripple
• ▪The US Office of the Comptroller of the Currency granted conditional national trust bank charters allowing crypto companies like Coinbase and Ripple to safeguard customer funds without taking deposits