Kraken parent Payward signs deal to buy European bank

Oct 14, 2026

Kraken’s parent company, Payward, has signed a definitive agreement to acquire Finland’s Saldo Finance Oy, owner of Lithuania-licensed Saldo Bank, in a transaction expected to close in 2027 that would expand its banking services across five European markets.

Kraken bank acquisition will expand services across Europe

The agreement covers Saldo Finance Oy, a Finnish holding company whose subsidiary, Saldo Bank UAB, operates as a specialized bank licensed in Lithuania. Payward intends to use the institution’s existing infrastructure to offer banking products directly to European customers.

Saldo Bank currently operates across Lithuania, Finland, Sweden and Germany, with authorization to extend its services to the Netherlands. Its existing business includes consumer lending, financing for small and medium-sized enterprises, and term deposits.

The acquisition would allow Payward Banking to build on products that Saldo already provides. The company’s plans include interest-bearing deposits, secured and unsecured business loans, consumer credit, and payment cards.

Saldo Bank brings lending and payment services to Payward

Beyond consumer banking, the acquisition would provide Payward with infrastructure used by other financial technology businesses.

Saldo has developed banking-as-a-service capabilities that allow partners to connect lending products to their existing applications. Its operations include automated loan assessments and embedded financing arrangements.

Payward plans to use those systems alongside card issuance and access to the Single Euro Payments Area, known as SEPA. The payment network supports euro transfers between participating banks and financial institutions.

Payward has been building banking services in the U.S.

Payward’s European acquisition plans follow several years of developing regulated financial services in the United States.

The company said its banking infrastructure includes a limited-purpose Federal Reserve master account and an electronic money institution license issued by the Central Bank of Ireland.

In its latest announcement, Payward reported originating more than $2 billion in loans through its existing operations. The figure refers to lending activity already completed by the group, not additional loans expected from Saldo Bank.

Payward plans to close the Saldo deal in 2027

The acquisition agreement arrives after Payward expanded its regulated cryptocurrency services in Europe.

In June 2025, Kraken secured authorization under the European Union’s Markets in Crypto-Assets Regulation through the Central Bank of Ireland.

The Kraken MiCA license approval allowed the exchange to expand regulated cryptocurrency services across the European Economic Area.

Kraken had previously developed a regulated European derivatives business through a Cyprus-based investment firm operating under the Markets in Financial Instruments Directive.

Those permissions cover activities different from Saldo Bank’s deposit-taking and lending operations. Payward’s proposed purchase would add an existing banking institution to its European group.

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