Payward Agrees to Buy Lithuanian Bank for European Expansion

Payward, the parent company of crypto exchange Kraken, agreed to acquire a holding company with a Lithuanian-licensed bank, a move that could expand its European services to include deposits and lending after regulatory approval.

The agreement, signed Oct. 14, covers Finnish holding company Saldo Finance Oy and its subsidiary Saldo Bank. Payward expects the transaction to close in 2027, subject to regulatory approval and other closing conditions. Financial terms were not disclosed.

After closing and approval, the acquisition is expected to enable interest-bearing deposits, lending products and card services for European customers. Saldo Bank already offers retail term deposits in its active markets, consumer loans in Lithuania, Finland and Sweden, and small-business loans in Lithuania and Finland. Its credit card is available in Finland.

The bank operates in Lithuania, Finland, Sweden and Germany and has notified regulators of its intent to operate in the Netherlands. Payward says it has originated more than $2 billion in loans and holds a limited-purpose Federal Reserve master account and an electronic money institution license from Ireland’s central bank.

The deal remains subject to regulatory approval and is expected to close in 2027.