Kraken owner Payward to acquire Lithuanian bank in EU expansion
Payward, the parent company of crypto exchange Kraken, is acquiring Lithuania's Saldo Bank, which holds a European Union banking license. The deal will allow the company to expand its operations in Europe and offer clients lending, payment cards and other banking services.
The Financial Times reported Payward's plans, citing company executives. The acquisition price has not been disclosed, and the deal is expected to close in 2027, subject to regulatory approvals.
Saldo Bank obtained its EU banking license in 2021. The financial institution provides consumer and business loans, as well as term deposits.
Payward to combine crypto and banking services
Payward co-CEO Arjun Sethi said Kraken clients are interested in accessing traditional banking services directly through the cryptocurrency platform.
According to Sethi, the company aims to bring cash, cryptocurrencies, tokenized stocks and lending products together on a single platform. Users will be able to borrow against their assets without having to sell them.
The acquisition of Saldo Bank follows a series of major deals by Payward. In April, the company acquired derivatives exchange Bitnomial for $550 million, followed by the purchase of Asian stablecoin payment provider Reap Technologies for $600 million in May.
Meanwhile, Payward is preparing to go public. The company confidentially filed for an initial public offering in November 2025 but subsequently postponed its expected listing until at least the second quarter of 2027.
Crypto firms face regulatory hurdles in banking expansion
Payward is also seeking broader financial powers in the United States. In May, the company applied for a federal trust bank charter with the Office of the Comptroller of the Currency (OCC).
Similar applications from Coinbase and Ripple had previously received preliminary approval. However, in October, the Independent Community Bankers of America filed a lawsuit against the OCC, challenging the regulator's authority to grant such charters to cryptocurrency companies.
At the same time, Payward is expanding its presence in the Middle East. The company received final regulatory approval in Dubai to provide cryptocurrency services using the UAE dirham.
The approval will allow its local subsidiary to launch spot and margin trading in dirhams, as well as direct account deposits and withdrawals. The services are expected to become available in the coming weeks.
Earlier, we reported that Payward expanded its 24/7 U.S. dollar settlement capabilities in Asia and the Gulf region through Singapore Gulf Bank. The partnership aims to provide uninterrupted money transfers for the company's clients.
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