October 14th 2026, 7:50 PM
Kraken Moves to Establish Traditional Banking Services in Europe
Key Summary
Kraken's parent company, Payward, has agreed to acquire a European bank, Saldo Finance Oy, to expand its traditional banking services beyond cryptocurrency trading. The acquisition, valued at $181 million, will provide deposits, lending, and payment services across multiple markets and mark a significant step in Payward's efforts to build a financial services platform. Regulatory approvals are required before the transaction is completed in 2027.
Please see our real time news feed on our Home Page
Introduction
The deal adds to a series of investments in US payments, stablecoin infrastructure and financial services as the company seeks to reduce reliance on external banks.Background
Kraken's parent company, Payward, has agreed to acquire a European bank as it expands beyond cryptocurrency trading into traditional financial services.Acquisition Details
Payward has agreed to purchase Saldo Finance Oy, a Finnish holding company that owns Lithuania-based Saldo Bank, for an undisclosed amount. The acquisition would give Payward control of a licensed European banking institution with approximately €163 million ($181 million) in assets.Market Impact
The transaction, whose financial terms were not disclosed, is expected to close in 2027, subject to regulatory approval. It marks another step in Payward's effort to build a financial services platform that can handle traditional money and digital assets while reducing its dependence on external banking partners.Regulatory Approval
Payward's ability to implement its plans depends on securing regulatory approval and complying with the restrictions attached to Saldo's specialized banking license.Conclusion
The acquisition could also support a broader banking-as-a-service business, allowing other financial technology companies to access regulated financial infrastructure through Payward.#Kraken#EuropeanBanking#CryptoTrading#Payward