Kraken owner Payward agrees to buy Lithuania's Saldo Bank

Kraken

Payward, parent company of the crypto exchange Kraken, is buying Saldo Bank, a Lithuanian bank with an EU banking licence. The price was not disclosed. Co-CEO Arjun Sethi said customers want bank-like products that combine cash, crypto, tokenized stocks and credit in one place.

• Saldo offers consumer and business loans and term deposits, and has held its EU banking licence since 2021.
• The plan lets customers borrow and lend against their assets without selling them.
• The deal expands Kraken into lending and card issuing.
• The acquisition is subject to regulatory approvals and is expected to close in 2027.
• Payward would be the first digital-asset company to buy a bank in Europe, according to the Financial Times.