Kraken’s parent company Payward has signed a definitive agreement to acquire Saldo Finance Oy, the Finnish holding company that owns Lithuania-licensed Saldo Bank UAB. The transaction, announced on October 14, is expected to close in 2027, subject to regulatory approvals and customary closing conditions, and would significantly expand Payward’s banking operations across five European markets.
Saldo Bank currently operates in Lithuania, Finland, Sweden and Germany, and holds additional authorization to extend services to the Netherlands. Its existing products include consumer lending, financing for small and medium-sized enterprises, and retail term deposits. Payward said the acquisition would allow it to build on that infrastructure with interest-bearing deposits, secured and unsecured business loans, consumer credit, and payment cards. The bank’s credit card service is already live in Finland, with a Swedish launch expected in 2027, and its banking-as-a-service partnerships in Finland and Germany let fintech companies offer lending through Saldo’s infrastructure.
Payward said its existing banking setup includes an Irish electronic money institution license and a limited-purpose Federal Reserve master account held by Kraken Financial, its Wyoming-chartered banking institution. The group has originated more than $2 billion in loans through its existing operations. The company has also been pursuing a separate federal authorization through an application filed on May 8 with the Office of the Comptroller of the Currency to establish Payward National Trust Company.
Saldo’s specialized banking license was issued by the European Central Bank in October 2021, with the Bank of Lithuania acting as its regulator. Payward co-CEO Arjun Sethi described the deal as another stage in the company’s banking strategy, saying the European banking license would help customers hold assets, move money and access financial products. Saldo Bank president Jarkko Mäensivu added that combining Saldo’s operations with Payward’s regulated infrastructure could allow more customers to access banking, payments and credit through a single provider.
The purchase price was not disclosed, and Payward has not announced when new banking products will be available to Kraken customers or which countries will receive them first. The deal follows Kraken’s MiCA authorization through the Central Bank of Ireland in June 2025 and reflects a broader trend of cryptocurrency companies moving into traditional financial services.
