Co-CEO Dave Ripley made the disclosure at the Wyoming Blockchain Symposium, telling attendees that the company is "looking into actually becoming a full bank in some of our other geographies, likely not the U.S. immediately." Payward executive Mark Greenberg added, according to reports, that the company's long-term product ambitions include mortgage lending. Ripley has outlined three core product pillars for Payward: trading, banking, and asset management.

The Lithuania route is deliberate. The Bank of Lithuania issues specialized banking licenses that carry full passporting rights under EU law, meaning a single approval grants access to all 30 member states of the European Economic Area (27 EU members plus Norway, Iceland, and Liechtenstein). Payward would be following a path well-worn by Revolut, which obtained a Lithuanian specialized banking license in 2018 and used it to scale current accounts, consumer lending, and stock trading across Europe. If Payward's application succeeds, it would become the first major crypto exchange to hold a full banking license covering the entire European Economic Area. The license has not yet been granted; the application is in progress. Co-CEO Arjun Sethi described the longer arc at Money20/20 Europe in Amsterdam in June: "The plan for the next 10 years is to get all of these licenses, either through buying an existing business or going de novo in each region and starting from scratch."

The distinction between a full banking license and Payward's current US structure matters for anyone trying to understand what this actually changes. Kraken Financial holds a Wyoming Special Purpose Depository Institution (SPDI) charter, which gave it a landmark achievement in March 2026: a limited-purpose master account at the Federal Reserve Bank of Kansas City, making it the first crypto firm to access the Fed's core payments infrastructure directly. However, Wyoming SPDIs cannot lend money, carry no FDIC deposit insurance, and must hold all customer fiat deposits in full reserve. A full overseas banking license would remove those constraints entirely, allowing Payward to pay interest on deposits, extend credit, and operate without depending on correspondent banks for fiat settlement. The international licensing timeline extends well beyond the US and Europe. In May 2026, Payward received a preliminary authorization from Dubai's Virtual Assets Regulatory Authority, establishing a foothold in the Middle East. Separately, Kraken secured a MiCA Crypto Asset Service Provider license before the EU's July 1, 2026 compliance deadline, a milestone that strengthens the company's credibility with European regulators as it pursues the Lithuanian banking license. Kraken currently operates in more than 190 countries, making the jurisdiction-by-jurisdiction licensing strategy both a regulatory necessity and a long-term infrastructure commitment.

Payward's banking ambitions are unfolding against a specific financial backdrop. The company reported $1.5 billion in revenue for 2024 and is projected to exceed $2.5 billion in 2025, with Q3 2025 alone generating $648 million (up 50% from the prior quarter) and adjusted EBITDA of $178.6 million (up 124% year over year). In May 2026, Payward raised $500 million at a $20 billion valuation ahead of a planned late-2026 US IPO that was confidentially filed in November 2025. The company also acquired NinjaTrader, a derivatives and equities platform, for $1.5 billion, extending its reach into US futures and equities markets. Institutional investors evaluating a $20 billion listing expect revenue streams that go beyond trading fees, which fluctuate sharply with market conditions. A regulated banking arm generating lending income and asset management fees would strengthen the revenue profile ahead of a public offering.

The international banking push carries real consequences for users in emerging markets. In South Asia, India is the most immediately relevant case. Kraken was blocked from the Indian market after India's Finance Ministry issued show-cause notices for non-compliance with the Prevention of Money Laundering Act (PMLA); the company has since hired Vishesh Khurana, a co-founder of Shiprocket, a logistics unicorn valued at $1.2 billion, as a local advisor for a compliance-focused re-entry. Arriving at the Reserve Bank of India's doorstep as a licensed banking entity rather than a pure crypto exchange would, analysts suggest, give Payward considerably more negotiating leverage. For Pakistan, Bangladesh, Sri Lanka, and Nepal, where Kraken currently has no presence, the more immediate benefit could come indirectly: a Kraken banking entity holding an EU license could provide cheaper remittance corridors from South Asian diaspora communities in the UK and the EU, where traditional services still charge above 6% on average against a United Nations target of 3%.

In Africa, Kraken currently operates in Nigeria without restrictions but holds no dominant position on a continent served primarily by Yellow Card, VALR, Luno, and Quidax. South Africa's Financial Sector Conduct Authority has approved 300 crypto service provider licenses out of 512 total applications since June 2023, and the South African Reserve Bank plans to open its national payment infrastructure to licensed non-bank entities in the second half of 2026. That regulatory window creates a plausible entry point for a Payward entity carrying recognized EU credentials, though the company has made no disclosed plans for expanded African presence beyond its existing Nigeria operations.

The broader competitive picture Payward is navigating is one where regulatory credibility has become a differentiator. Binance expanded rapidly across emerging markets without adequate regulatory cover and, as has been widely reported, spent years managing the resulting legal and compliance consequences. Payward's approach, securing licenses jurisdiction by jurisdiction before scaling services, matches what regulators in India and Nigeria have signaled preference for from foreign financial institutions. Whether a full banking license covering the EEA materializes, and on what timeline, remains to be seen, but the strategic direction is now clearly stated.