Payward Advances European Banking Plans With Acquisition of Lithuanian Lender

Payward agrees to acquire Lithuania’s Saldo Bank to expand European banking services, with the deal set to close in 2027.

Payward, the parent company of cryptocurrency exchange Kraken, has agreed to acquire Lithuania-based Saldo Bank as part of its European expansion plans. The agreement would give Payward access to an EU banking license and established financial services. Through the deal, the company aims to expand its deposit, lending and payment offerings across European markets. 

Saldo Bank Deal Expands Payward’s European Banking Ambitions

According to a press release, Payward signed a definitive agreement to purchase Saldo Finance Oy, the Finnish holding company behind Saldo Bank UAB. Licensed in Lithuania, Saldo Bank provides digital banking services to individuals and small and medium-sized enterprises (SMEs) across several European markets.

Its current operations cover Lithuania, Finland, Sweden and Germany. Additionally, its passporting rights allow the bank to expand into the Netherlands. Through the proposed acquisition, Payward would gain an established banking operation rather than building its European services entirely from scratch.

We’ve signed an agreement to acquire Saldo Bank, a licensed specialized bank in Lithuania operating across five European markets. An EU banking license meaningfully expands Payward Banking. Subject to closing conditions and regulatory approvals.https://t.co/Y22B5lb8RK

— Payward (@Payward) October 14, 2026

Meanwhile, the company has already developed regulated financial operations through existing banking arrangements and licenses in other jurisdictions. These include an electronic money institution license issued by the Central Bank of Ireland and a limited-purpose Federal Reserve master account.

The firm also reported originating more than $2 billion in loans, reflecting its existing involvement in financial services beyond cryptocurrency trading. As a result, acquiring Saldo would add European banking capabilities to Payward’s existing financial operations.

Acquisition Could Expand Banking and Lending Services Across Europe

Following the acquisition, Payward plans to introduce additional banking products for European customers through Saldo Bank’s established operations. Proposed services include interest-bearing deposits, consumer loans, SME financing and credit cards, subject to regulatory requirements.

Additionally, Saldo Bank plans to introduce credit cards in Sweden during 2027, extending its existing consumer banking activities. Beyond individual customers, Payward intends to expand financial services available to fintech companies through Saldo’s banking infrastructure.

Potential offerings include card issuance, embedded lending and access to Single Euro Payments Area (SEPA) payment services. These capabilities would allow Payward to support both direct banking customers and financial technology companies operating across European markets.

Payward Sets 2027 Target for Acquisition Completion

Payward Co-CEO Arjun Sethi described the proposed acquisition as part of the company’s long-term banking expansion strategy. According to Sethi, Payward wants customers to access banking, payments and other financial services through a connected system.

Similarly, Saldo Bank President Jarkko Mäensivu said combining both companies’ operations could extend their financial services to more European customers. However, Payward has not provided a specific launch schedule for the additional banking products planned after the acquisition.

For now, both companies are working toward completing the transaction, including meeting regulatory requirements and customary closing conditions. If approved, the acquisition is expected to close in 2027, giving Payward an established banking presence across several European markets.