Payward, the parent company of crypto exchange Kraken, is planning to acquire EU-regulated Saldo Bank in a deal that the Financial Times said is expected to close in 2027. The move is aimed at securing a full banking license as part of a global licensing push the company has been pursuing for a decade. If completed, the acquisition would make Kraken the first major crypto exchange with full banking status, extending its regulatory reach beyond its existing licenses in Ireland and Cyprus. That status would also allow deeper integration with traditional financial services under the EU’s Markets in Crypto-Assets framework, including deposits, payments, and custody. The report said the transaction is also tied to the company’s broader regulatory expansion ahead of a potential U.S. initial public offering. Saldo Bank is a Finland-linked fintech bank headquartered in Vilnius, Lithuania. Founded in 2006 as a subsidiary of Finland’s Saldo Finance, it holds a specialized banking license issued by the European Central Bank in October 2021 and is supervised by the Bank of Lithuania.
Payward, the parent company of crypto exchange Kraken, is planning to acquire EU-regulated Saldo Bank, according to the Financial Times. The deal is expected to be completed in 2027.
The acquisition is intended to secure a full banking license and forms part of the company’s 10-year global licensing strategy. If the transaction closes, Kraken would become the first major crypto exchange with full banking status. That would let it move beyond its current licenses in Ireland and Cyprus and deepen its integration with traditional finance under the Markets in Crypto-Assets (MiCA) framework, including deposits, payments, and custody.
The report added that the move is also linked to the company’s broader regulatory expansion ahead of a potential U.S. IPO.
Saldo Bank’s license and business footprint
Saldo Bank is a Finnish fintech bank headquartered in Vilnius, Lithuania. It was founded in 2006 and is a subsidiary of Finland’s Saldo Finance.
Its main value lies in a specialized banking license issued by the European Central Bank in October 2021. The bank is supervised by the Bank of Lithuania, which allows it to offer deposit, lending, and payment services across the European Union.
On the business side, Saldo Bank focuses on automated lending solutions. It provides loans to consumers and small and medium-sized businesses through its own credit scoring system, while also offering term deposits and credit cards. Its operations currently cover Lithuania, Finland, and Sweden.
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