The owner of the crypto exchange Kraken is buying Lithuania’s Saldo Bank

Company Payward, which owns the crypto exchange Kraken from the Raison portfolio, is buying the Lithuanian Saldo Bank, Financial Times reported on October 14. Along with the bank, Payward will receive an EU license.

What is known about the deal

Saldo Bank operates as an online bank. In 2021, it received an EU banking license. The bank issues loans to retail clients and businesses, and also offers term deposits.

Payward does not disclose the purchase price: the company does not publish the financial terms of its deals. The transaction is expected to close by 2027 after regulatory approval.

If the deal goes through, Payward will become the first crypto company to buy a bank in Europe, Fortune notes.

Why a crypto exchange needs a bank

One of Payward’s co-CEOs, Arjun Sethi, told FT that customers want to use the same financial products and services as they would at a traditional bank.

Payward plans to create a unified system for working with finance, cryptocurrency, tokenized stocks, and loans.

Tokenized stocks are digital tokens whose value is tied to the price of ordinary shares. With such a system, clients will be able to take loans secured by their assets or extend loans without selling assets from their portfolio.

In an official statement, Sethi explained how the bank will help Payward serve clients in Europe:

A regulated bank in the EU will allow us to serve European clients as a primary financial institution.

Arjun Sethi

co-CEO Payward

Other deals and IPO

In 2026, Payward agreed to two major acquisitions. In April, the company agreed to buy the derivatives exchange Bitnomial for $550 million. In May, it signed an agreement to acquire the Asian payments company Reap Technologies for up to $600 million. Reap works with stablecoins, that is, cryptocurrencies pegged to the value of fiat currencies.

In November 2025, Kraken confidentially filed for an IPO. According to CoinDesk, the company pushed the listing to the second quarter of 2027 or later.

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