Key Highlights:
- Payward, the parent company of cryptocurrency exchange Kraken, has agreed to acquire Lithuania-based Saldo Bank for an undisclosed sum.
- The landmark transaction positions Payward as the first crypto firm to purchase a bank in Europe, securing a coveted European Union banking license.
- Saldo Bank reported total assets of 163.9 million euros ($180 million) at the close of 2025, marking a 22.7% year-over-year increase.
Payward Secures EU Banking License Through Saldo Bank Purchase
In a major convergence between digital assets and traditional banking, Payward, the parent company behind major crypto exchange Kraken, has reached an agreement to acquire Saldo Bank. While the financial terms of the transaction were not disclosed, the strategic acquisition provides Payward with a fully regulated European Union banking license. The move directly accelerates the digital asset firm’s broader ambitions to expand beyond its core cryptocurrency trading operations and offer comprehensive, traditional financial services.
According to a report by the Financial Times, the deal marks a historical milestone, making Payward the first crypto-native firm to acquire a licensed bank in Europe. The transaction comes at a time when major cryptocurrency enterprises are increasingly seeking institutional footholds to compete directly with traditional lenders and modern fintech providers. Payward did not immediately respond to a request from CoinDesk seeking further details regarding the transaction’s valuation.
A regulated EU bank is the piece that lets us serve European clients the way a primary financial institution should: one place to hold assets, move them freely, and put them to work,
said Arjun Sethi, Payward’s co-CEO, emphasizing the structural importance of integrating banking infrastructure into the firm’s ecosystem.
Expanding Global Footprint and Saldo Bank’s Growth
The target institution, Lithuania-based Saldo Bank, has demonstrated steady balance sheet expansion leading up to the sale. According to industry data provider The Banks, Saldo Bank held 163.9 million euros ($180 million) in total assets at the end of 2025. This balance sheet milestone reflected an increase of 22.7% compared to the prior year, illustrating robust momentum for the European lender prior to its absorption into Payward’s portfolio.
The takeover is the culmination of Kraken’s prolonged pursuit of a regulated banking footprint on the continent. As previously reported by CoinDesk in July, Kraken had been actively seeking a banking license specifically situated in Lithuania. Lithuania has long served as a prominent European financial technology and licensing hub, offering strategic cross-border operational potential throughout the wider EU market.
Bridging Traditional Banking and Digital Assets in the U.S.
Payward’s aggressive pursuit of banking credentials is not limited to Europe. In the United States, the company has similarly sought formal integration into the sovereign banking architecture. Payward has applied for a national trust bank charter and has already made legal inroads through its dedicated banking entity, which successfully secured limited access to the Federal Reserve’s payment system. Securing Saldo Bank adds a decisive, operational deposit-taking and lending framework to its multinational portfolio.
Why This Matters
The acquisition of Saldo Bank represents a transformative shift in the operational models of leading crypto companies. Historically, cryptocurrency exchanges have relied heavily on commercial banking partners to facilitate fiat currency deposits, withdrawals, and liquidity clearing—often facing de-banking risks or regulatory friction. By acquiring a licensed EU bank outright, Payward eliminates intermediaries, protects its fiat rails, and establishes direct regulatory oversight under European banking supervisors. This move enables Kraken to bridge the divide between fiat and crypto, laying the groundwork to offer full-scale checking accounts, lending, and yield products within a single institutional ecosystem across Europe.
Frequently Asked Questions
Why is Payward’s acquisition of Saldo Bank significant?
The acquisition makes Payward the first cryptocurrency firm to buy a bank in Europe, granting it direct access to an EU banking license and allowing it to offer traditional banking and financial services alongside digital asset trading.
What is Saldo Bank’s financial size?
According to The Banks, Saldo Bank held 163.9 million euros ($180 million) in total assets at the end of 2025, which represented a 22.7% increase from the previous year.
What other banking efforts has Payward pursued globally?
In addition to seeking a banking license in Lithuania, Payward has applied for a national trust bank charter in the United States, where its banking unit has also secured limited access to the Federal Reserve’s payment system.
