Kraken's parent company, Payward, has agreed to acquire the owner of Lithuania-licensed Saldo Bank, a deal that would move the crypto group further into regulated deposits, lending and payments.
Payward said it signed a definitive agreement to buy Saldo Finance Oy, the Finnish holding company whose subsidiary operates the bank. The purchase price was not disclosed. CoinDesk reported that Saldo Bank had about $190 million in assets.
If completed, the acquisition would give Payward a banking platform licensed in the European Union. The company said it expects to offer interest-bearing deposits, loans, card services and euro payments through Payward Banking, subject to the necessary approvals.
The transaction is expected to close in 2027 and still requires regulatory clearance. That qualification is central: signing an agreement does not mean Payward can immediately launch every planned service, and regulators may impose conditions related to capital, governance, risk controls or customer protection.
The strategic logic is clear. Crypto exchanges have traditionally depended on outside banks for customer deposits, settlement and access to payment networks. Owning a regulated bank could reduce that dependency and let Payward combine trading with more conventional financial products.
It also changes the risk profile. Banking brings credit underwriting, deposit protection obligations, liquidity management and closer supervision. Those responsibilities are different from operating a crypto exchange and can consume capital even when they produce steadier revenue.
The Financial Times described Payward as the first crypto company set to buy a European bank. That would be a milestone if the transaction closes, but the more important test is operational: whether Payward can integrate the bank without weakening compliance or taking excessive lending risk.
Payward and Kraken are privately held, so the announcement does not create a direct catalyst for a listed stock. It does, however, show how major crypto platforms are moving toward full-service financial models as European regulation becomes more structured.