Kraken Agrees to Acquire Company Owning a European Bank: Acquisition Expands Payward Group Infrastructure With a Crypto Ecosystem and Licensed Banking
Payward, the parent company of cryptocurrency exchange Kraken, has agreed to acquire Finnish holding company Saldo Finance Oy, which owns Lithuanian specialised bank Saldo Bank UAB. It is the first transaction of its kind in Europe in which a crypto-asset group is taking over an operating banking institution. The purchase price has not yet been disclosed, and completion of the transaction is expected in 2027 following regulatory approval.
What Exactly Kraken Is Acquiring in Lithuania’s Saldo Bank
The acquisition of Saldo Bank does not represent only the takeover of a banking licence, but also of an operating digital platform focused on lending and deposit services. At the end of 2025, the Vilnius-based bank had total assets of EUR 162.9 million, a loan portfolio of EUR 123.8 million and retail deposits of EUR 136.9 million. In the same year, it generated revenue of approximately EUR 28 million and operating profit of EUR 10 million.
The bank holds a so-called specialised banking licence (Specialised Bank Licence No. 8), granted by the Bank of Lithuania in October 2021. This type of licence allows it to accept deposits, provide loans and perform payment services. However, the scope of its authorisation is narrower than that of a universal bank and does not include, for example, the direct provision of investment services, which are subject to the relevant licensing requirements under MiFID II. The provision of crypto-asset-related services is subject to a separate regime under MiCA.
Why a Crypto Exchange Needs Its Own Banking Infrastructure
Obtaining a banking licence fits into Payward Group’s longer-term strategy of expanding its services. For 2025, the group reported adjusted revenue of USD 2.2 billion and assets on the platform amounting to USD 48.2 billion. Against these figures, Saldo Bank is a relatively small institution from a balance-sheet perspective, but its value lies in its licensing and operational framework.
A key objective of the integration is to potentially enable clients in the future to obtain euro liquidity in the form of a regulated bank loan secured by held crypto-assets or tokenised securities. Instead of having to sell the assets they hold, clients could gain access to bank financing directly within the Kraken ecosystem, provided that such products are launched and the relevant regulatory conditions are met.
This step also follows developments in the United States, where Kraken Financial obtained direct access to the Fed’s payment infrastructure through a Federal Reserve master account in March 2026.
The Vertical Integration Puzzle
The acquisition of Saldo Bank follows previous Payward Group transactions from 2025 and 2026, including the acquisition of NinjaTrader infrastructure, Backed for tokenised shares and U.S. derivatives operator Bitnomial.
By combining these components, the group is gradually bringing key financial services directly under its own management. The resulting model combines crypto-asset trading, derivatives, custody, securities tokenisation and, most recently, bank deposits, loans and payments.
Integrated Model Replaces Dependence on External Partners
The strategic value of the transaction lies in the planned change in the approach to operational risk management. Until now, the model used by cryptocurrency platforms has often depended on third-party services for payment services, which could create vulnerability when intermediary banks changed their terms.
Following completion of the acquisition and fulfilment of the relevant regulatory conditions, Payward Group’s banking infrastructure may contribute to reducing dependence on external financial partners and support its long-term development.
Warning: The content of this article is intended solely for informational and analytical purposes and does not constitute investment advice, a financial recommendation or a proposal to buy or sell any digital assets or securities.
Author
Tomáš Bára
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