Payward to acquire Saldo Bank to expand crypto services in EU

Payward, the parent company of the cryptocurrency exchange Kraken, has reached an agreement to acquire Saldo Bank, a digital bank based in Lithuania. This acquisition marks the first time a cryptocurrency firm has purchased a bank in Europe.

Through Saldo Bank, Payward will gain access to an established EU banking license and the Single Euro Payments Area (SEPA) network. The bank currently serves retail and corporate customers across Lithuania, Finland, Sweden, and Germany, with additional licensing in the Netherlands. Its services include term deposits, consumer lending, and credit cards.

The deal is part of the Payward Banking strategy to integrate cash, cryptocurrency, tokenized stocks, and lending into a single unified infrastructure. This would allow users to access credit using their existing crypto assets as collateral rather than selling them. The transaction value has not been disclosed, and the deal is expected to close in 2027, subject to regulatory approvals.