Kraken's Parent Agrees to Buy EU Bank as $100M Nasdaq-Backed Payward Expands Into Lending and Deposits

Key takeaways

• Kraken parent agrees to acquire Lithuania's Saldo Bank
• Acquisition could expand European deposits and lending services
• Nasdaq's $100M investment strengthens Payward's financial expansion

Kraken's parent company Payward has agreed to acquire a European bank, marking a major expansion beyond cryptocurrency trading into traditional lending, deposits and payment services.

The company announced on October 14 that it had signed a definitive agreement to purchase Saldo Finance Oy, the Finnish holding company behind Lithuania-based Saldo Bank. The acquisition is expected to close in 2027, subject to regulatory approval, with financial terms remaining undisclosed.

According to Payward's announcement, the transaction would add a licensed European banking institution to a financial services business that already spans cryptocurrency trading, custody, payments and lending.

The move also follows Nasdaq's agreement to invest $100 million in Payward, connecting Kraken's growing banking ambitions with its expansion into tokenized stocks and traditional financial markets.

Kraken Moves Beyond Crypto Trading With EU Banking Acquisition

Saldo Bank received its Lithuanian banking license in 2021 and currently operates across Lithuania, Finland, Sweden and Germany, with additional authorization covering the Netherlands.

The bank offers term deposits across its existing markets, consumer lending in Lithuania, Finland and Sweden, and business financing in Lithuania and Finland.

Acquiring the institution would give Payward access to banking infrastructure capable of accepting deposits, issuing loans and supporting payment services directly, subject to applicable regulatory permissions.

The acquisition would represent a substantial expansion beyond Payward's existing European electronic money institution license, which supports payment services but does not provide the same powers as a banking license.

The strategy builds on Kraken's European stock expansion, which allows eligible customers to access more than 7,000 U.S.-listed equities alongside hundreds of tokenized stocks.

Payward also plans to expand banking-as-a-service capabilities, allowing other financial technology companies to access card issuance, lending infrastructure and euro payment services.

However, Saldo's existing regulatory permissions do not automatically mean every banking product will become available to Kraken customers.

Nasdaq's $100M Investment Adds Another Dimension

The acquisition comes approximately one month after Nasdaq announced a $100 million strategic investment in Payward, valuing the company at a reported $21 billion.

That Nasdaq investment supports the companies' work on tokenized equities and around-the-clock financial market infrastructure.

Their planned Nasdaq Equity Tokens framework is expected to connect regulated stock ownership with blockchain-based distribution through Payward's xStocks ecosystem.

Combining these capabilities could eventually allow customers to manage cash, cryptocurrencies, tokenized securities and borrowing products within a more unified financial system.

Payward has also been strengthening its institutional payments network through a settlement partnership with Singapore Gulf Bank, enabling eligible institutional clients to move funds around the clock.

Such initiatives create opportunities to generate revenue from interest margins, payment services and financial infrastructure rather than relying primarily on trading activity.

Why Owning a Bank Changes Kraken's Strategy

Payward has already originated more than $2 billion in loans and secured limited Federal Reserve account access through its U.S. banking operations.

Coinpaper previously reported Kraken's Federal Reserve access, which enables certain direct payment operations but does not provide the full privileges of a conventional commercial bank.

The Saldo acquisition would add another regulatory layer, particularly in Europe, where licensed banks can potentially expand services across participating markets through passporting arrangements.

The central question is whether Payward can turn that infrastructure into a profitable banking business while meeting capital, compliance and customer-protection requirements.

For now, the acquisition remains a signed agreement rather than completed ownership. Its expected 2027 closing will determine when Payward can begin integrating Saldo Bank's regulated services into its wider financial platform.