Kraken Parent Payward Acquires Lithuania's Saldo Bank to Expand EU Crypto Lending

Kraken's parent company Payward is acquiring Lithuania-based Saldo Bank, marking the first time a digital-asset firm has bought a traditional bank in Europe. The report notes Saldo holds an EU banking license from 2021 and offers consumer loans, business loans, and term deposits, establishing a presence in the region and signaling broader expansion plans.

Why the acquisition matters

Customers have long asked for one place to manage cash, crypto, tokenized stocks, and credit together. Co-CEO Arjun Sethi said the combined service will let users borrow and lend against their assets without selling them, a feature the deal enables expected to close in 2027. This represents a significant step toward blurring the line between traditional finance and crypto services for everyday users who want seamless access to both worlds.

What Saldo brings to the deal

Saldo holds an EU banking license obtained in 2021 and already offers consumer loans, business loans, and term deposits. The price was not disclosed in the reporting, and the deal value remains under wraps. Market observers are watching how this sets a precedent for future crypto-bank mergers.

What comes next

The purchase follows Payward's earlier $550 million buy of derivatives exchange Bitnomial and its $600 million acquisition of stablecoin firm Reap Technologies earlier this year. Kraken filed confidentially for an IPO last November, but has since delayed the listing to at least Q2 2027. The company said it will continue expanding its product offerings as the deal moves toward closure, signaling a broader shift in strategy.