Payward to Acquire Lithuania's Saldo Bank, Marking First Crypto-Owned EU Bank
Payward, the parent of Kraken, has signed a deal to buy Saldo Bank in Lithuania, which would make it the first crypto-native firm to own a European bank.
Payward, which owns the Kraken cryptocurrency exchange, announced an agreement to acquire Saldo Bank, an online bank based in Lithuania and licensed across the European Union. The transaction, expected to be finalized in 2027 after regulatory approval, would make Payward the first crypto-native company to hold a European banking licence, enabling it to operate in Lithuania, Finland, Sweden, Germany and the Netherlands.
Leveraging Saldo’s licence, Payward aims to provide a full suite of banking services—including interest-bearing deposits, consumer and small-business loans, credit cards and SEPA euro transfers—and to offer its banking platform to other fintech firms. Kraken declined to disclose the acquisition price, consistent with its policy of not revealing financial terms. The deal builds on Payward’s recent U.S. banking developments, such as a limited-purpose account with the Federal Reserve’s Fedwire system, and follows Nasdaq’s $100 million investment in the company at a reported $21 billion valuation.
Why it matters
The acquisition gives a crypto firm direct access to EU banking services, potentially reshaping how digital assets are integrated with traditional finance.
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