Kraken parent Payward has agreed to acquire Finnish holding company Saldo Finance Oy, giving it control of Lithuania-based Saldo Bank. The bank had about €162.9 million in assets, and the deal would give Payward an established, licensed base for expanding deposits, lending and payments in Europe while reducing reliance on external banking partners. The purchase price was not disclosed, and completion is expected in 2027, subject to regulatory approval.
Payward announced on October 14 that it had signed a definitive acquisition agreement. The deal would extend the company beyond crypto trading into regulated banking services, though any expansion after closing will remain subject to regulatory review and the limits of Saldo Bank’s licence.
Saldo Bank’s assets reached €162.9 million in 2025
Saldo Bank operates in Lithuania, Finland, Sweden and Germany, and is authorised to expand into the Netherlands. It offers retail fixed-term deposits and consumer loans in three countries, as well as commercial lending in Lithuania and Finland. Its credit card business is already operating in Finland, with entry into Sweden planned for 2027. The bank also provides embedded lending to fintech companies, allowing partners to offer credit products through its infrastructure.
Audited financial statements for 2025 show that Saldo Bank’s assets stood at €162.9 million at the end of December, up from €133.6 million a year earlier, a rise of about 22%. Its net loan portfolio grew from €95.4 million to €113.5 million, while retail deposits increased 24% to €136.9 million.
The bank recorded net profit of about €962,000 in 2025, reversing a €2.4 million loss the previous year. Operating profit before impairment losses was €10.4 million, but most of that was offset by credit impairment charges. The figures give Payward an existing deposit-taking and lending operation rather than a bank built from scratch, although Saldo remains much smaller than Europe’s major banks.
Payward plans to build on the existing business with interest-bearing deposits, personal and business loans, card issuance and SEPA payments for European customers. The acquisition could also support banking-as-a-service offerings, allowing other fintech firms to use regulated financial infrastructure. Payward co-CEO Arjun Sethi said a deeper financial relationship with customers was one strategic consideration behind the deal. “We believe that whoever owns that relationship has the opportunity to provide everything associated with it,” he said.
Payward expands its reach into payments and financial infrastructure
The Saldo Bank deal follows Payward’s broader push into traditional financial services. In March, Kraken Financial, Payward’s Wyoming-chartered unit, obtained a limited-purpose Federal Reserve master account, giving it direct access to US payment infrastructure. Payward also holds an electronic money institution licence from the Central Bank of Ireland and says its banking operations have originated more than $2 billion in loans.
In July, Payward acquired stablecoin-focused company Reap, which provides card issuance and cross-border transaction infrastructure. If the Saldo transaction closes, Payward will add regulated deposit-taking and lending in Europe, creating a broader base for combining banking, crypto trading and payments. The company says it aims to secure financial infrastructure that would let European customers hold, transfer and use assets through one platform.
Regulatory approval and licence scope remain key constraints
The transaction requires regulatory approval. The review is expected to cover Payward’s financial position, governance and compliance arrangements. After completion, the company would also assume responsibility for the bank’s balance sheet, including credit risk, deposit liabilities and capital requirements.
Lithuanian specialised banks can take deposits, make loans and provide payment services, but face restrictions on some investment activities. Control of Saldo Bank would therefore not automatically allow Payward to offer every crypto or investment product through the bank. The services it can provide will depend on the licence’s scope and applicable regulatory requirements.
At the end of 2025, Saldo Bank reported total equity of €16.3 million, a Common Equity Tier 1 capital ratio of 14.9% and a total capital ratio of 19.8%. These measures will be relevant as Payward considers expanding lending and other banking services. The immediate condition for the deal, however, is regulatory approval.