Kraken parent Payward to buy Saldo Bank

Payward, parent of crypto exchange Kraken, agreed to acquire Lithuania-based, EU-licensed Saldo Bank, which would make it the first crypto-native firm to own a European bank. The deal is expected to close in 2027 pending regulatory approval and would give Payward EU passporting for deposits, loans, cards and SEPA payments.

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Payward's agreement to buy Saldo Bank would make it the first crypto-native owner of an EU-licensed bank, moving beyond the custody-and-payments trust charters held by US peers such as Coinbase and Ripple. EU passporting would let Kraken offer interest-bearing deposits, consumer and SME loans, cards and SEPA transfers across multiple markets once the deal closes in 2027. The bank license also lets Payward offer banking-as-a-service infrastructure to other fintechs, widening its revenue base beyond trading fees. The deal follows Kraken Financial's Federal Reserve account and Nasdaq's $100 million investment at a reported $21 billion valuation, which together signal growing integration of crypto firms into regulated finance. Regulatory approval remains a key risk, and the pressure is on competing exchanges and neobanks to pursue bank licenses or partnerships of their own.