Payward, the parent company of crypto exchange Kraken, is buying Saldo Bank, an EU-licensed lender based in Lithuania, the Financial Times reported on 14 October 2026, according to a report by the crypto news site Decrypt.
The deal is not complete. It needs regulatory approval and is expected to close in 2027, Decrypt reported. The price has not been disclosed. TSN could not find a statement on the deal from Payward or Saldo Bank.
According to the FT, Payward will be the first digital asset company to buy a bank in Europe.
Why Payward wants a bank
Payward co-CEO Arjun Sethi told the FT that customers want banking services alongside crypto. “One of the biggest things that our customers have been asking us is ‘I would like to get products and services and offerings similar to what I get with another bank,'” he said.
Sethi said the plan is to bring cash, crypto, tokenised stocks and credit together in one system, so customers can borrow and lend against their assets without selling them, according to Decrypt. The company is starting with lending and card issuing.
About Saldo Bank
Decrypt reported that Saldo received its EU banking licence in 2021 and offers consumer and business loans as well as term deposits. A bank licensed in one EU country can generally offer services across the EU.
A string of deals
The bank deal follows Payward’s $550 million purchase of derivatives exchange Bitnomial in April and its $600 million purchase of stablecoin payments firm Reap Technologies in May, Decrypt reported.
What this means
- Crypto firms want to become banks. Owning a licensed bank would let Kraken offer loans and cards directly in Europe.
- It isn’t done yet. Regulators must approve the deal, which is expected to close in 2027.
- Details are thin. The price is not public, and neither company has published a statement.
Sources
- Decrypt, “Kraken Owner Payward to Buy Lithuania’s Saldo Bank in EU Push”, 14 October 2026, citing the Financial Times. https://decrypt.co/380912/kraken-owner-payward-to-buy-lithuanias-saldo-bank-in-eu-push
