Kraken's owner is buying a bank in Lithuania. What does that unlock in the EU?
Payward agreed to buy Saldo Bank, a digital lender licensed in Lithuania and active in four EU markets. If regulators approve, Kraken's parent could offer Europeans deposits, loans and cards from its own bank.
Key points
- Payward, Kraken's parent, agreed on October 14, 2026, to buy the owner of Saldo Bank, a digital bank licensed in Lithuania. The price is secret.
- Saldo runs deposits and loans in Lithuania, Finland, Sweden and Germany and can passport into the Netherlands.
- If EU regulators approve, expected in 2027, Kraken's owner could offer Europeans interest on deposits, loans, cards and SEPA euro payments.
The deal
Payward, the company that owns the Kraken crypto exchange, has agreed to buy a licensed EU bank. On October 14, 2026, it signed a definitive agreement for Saldo Finance Oy, a Finnish holding company whose subsidiary, Saldo Bank UAB, is a digital bank licensed in Lithuania. The price was not disclosed. The deal is expected to close in 2027, subject to customary conditions and regulatory approvals, according to Payward's announcement.
Co-CEO Arjun Sethi said "A regulated EU bank is the piece that lets us serve European clients." Payward framed the deal as the next step in what it calls Payward Banking, a set of regulated licenses it has been collecting market by market.
What Saldo Bank brings
The value for Payward lies in the license and the footprint. Saldo operates in four markets (Lithuania, Finland, Sweden and Germany) and has a passport into the Netherlands. A passport lets a bank licensed in one EU country serve customers in another without a separate full license.
Saldo already runs real products. It offers retail term deposits in all four operating markets, consumer loans in Lithuania, Finland and Sweden, and loans to small businesses in Lithuania and Finland. Its credit card launched in Finland and is expected to launch in Sweden in 2027. It also supplies lending infrastructure to other fintech companies in Finland and Germany.
Once the deal closes, Payward said it expects to offer European customers interest on deposits, consumer and small-business loans, credit cards, and full access to SEPA euro payments, all subject to regulatory approval. It also plans to sell these capabilities to partners building on its platform. Saldo president Jarkko Mäensivu said the combination would let more customers use banking, payments and lending in one place.
Part of a larger buying spree
The bank deal is the latest in a series of acquisitions by Payward and Kraken:
- NinjaTrader, a US retail futures platform, for $1.5 billion, announced on March 20, 2025.
- Bitnomial, a US derivatives exchange, clearinghouse and broker, for up to $550 million in cash and stock, announced on April 17, 2026. That deal valued Payward's equity at $20 billion.
- Reap, a stablecoin card issuing and payments company, announced on May 7, 2026, and completed on July 1, 2026. Payward's closing release did not state a price.
- Magic Labs' wallet infrastructure business, announced on July 27, 2026.
Payward already runs parts of a banking business. In the Saldo announcement it said it has a limited-purpose master account at the US Federal Reserve, holds an e-money license from the Central Bank of Ireland and has originated more than $2 billion in loans.
What still has to happen
Buying a bank in the EU means passing a change-of-control review by supervisors, who check the new owner's finances, governance and anti-money-laundering controls. Payward said the integration work and the regulatory approval process are both underway, but did not name the authorities involved or give a closing date beyond 2027.
Until then, Saldo keeps operating as it does today. Every product Payward described depends on those approvals.
How big Payward is now
Payward is no longer just an exchange operator. In its Q2 2026 results letter, it reported adjusted revenue of $508 million, up 17% from a year earlier, and adjusted EBITDA of $23 million. Funded accounts grew 42% to 6.6 million, and assets on the platform were $40 billion. Payward says it serves clients in more than 190 countries and territories and holds more than 100 licenses and registrations.
Outside partners have come in. On September 10, Payward said Nasdaq Ventures agreed to invest $100 million, and the two expect to launch Nasdaq Equity Tokens in the second quarter of 2027. On September 1, Payward and the London Stock Exchange said the 100 largest London-listed companies would be offered as xStocks, Payward's tokenized shares, and that the exchange will support xStocks trading on its LSE 24 platform, subject to regulatory approval.
A bank would add the missing layer: the deposits, loans, cards and euro payments that Payward has said it plans to offer EU customers.
Timeline
Kraken announces the $1.5 billion NinjaTrader deal
Payward announces the Bitnomial deal, up to $550 million
Payward completes the Reap acquisition
Nasdaq Ventures agrees to invest $100 million
Payward signs the Saldo Bank agreement
Expected closing, subject to approval
LC Insight analysis
This section is our reading of the facts above, not a statement of fact.
- We think this is Payward's most important recent deal, even if Saldo is likely its smallest target. A bank license lets Kraken hold deposits and lend directly, something no partnership fully replaces.
- If approved, Kraken starts competing with digital banks as much as with other exchanges. Deposits and cards keep customers on one platform, which helps when trading volumes drop.
- Approval is not a formality. How EU supervisors handle a crypto exchange owning a bank will be a test case for every rival that wants to do the same.
What's next
- Regulatory filings and the timing of the change-of-control review
- Whether Payward discloses the purchase price
- How Kraken plans to offer deposits and loans across the EU
- Saldo's planned credit card launch in Sweden in 2027
Disclaimer. This article is based on public information and the sources listed below as of the update time shown. It is for information only and is not investment, legal or tax advice. Figures may change as companies and authorities publish new data.
Sources
- Payward, Payward to acquire Saldo Bank (October 14, 2026)
- Payward, Q2 2026 financial highlights (August 14, 2026)
- Kraken, Payward to acquire Bitnomial (April 17, 2026)
- Kraken, Kraken to acquire NinjaTrader (March 20, 2025)
- Payward, Payward completes acquisition of Reap (July 1, 2026)
- Payward, Payward deepens relationship with Nasdaq (September 10, 2026)
- Payward, Payward and London Stock Exchange partner on tokenization (September 1, 2026)
