Kraken wants to be your bank, but who will protect your money?
Payward, Kraken’s parent, agreed to acquire Finnish company Saldo Finance, owner of Lithuania’s Saldo Bank, with closing expected in 2027 pending regulatory approval. The deal would expand Payward into deposits, payments and lending. Bank deposits may qualify for Lithuania’s €100,000 guarantee, while safeguarded e-money and Bitcoin have different protections and legal counterparties; a unified salary product has not been announced. Saldo adds a loan book as well as a banking license: its June 2026 report showed €196.9 million in assets and a €129.5 million gross credit portfolio. Its 2025 overdue loans over 90 days more than doubled, and in the reported 2026 period credit-loss expenses exceeded operating profit, resulting in a net loss. Payward would need to manage these credit risks alongside banking regulation and clarify how customer funds move among its entities.
