Privately held cryptocurrency firm Payward is acquiring Lithuania-based Saldo Bank for an undisclosed amount of money.
Payward, which is the parent company of crypto exchange Kraken, is the first crypto company to purchase a bank in the European Union (EU).
The move comes after Payward secured a banking license in Europe and moves to expand beyond crypto trading into financial services.
Saldo Bank had 163.9 million euros ($180 million U.S.) in total assets at the end of 2025, up 23% from a year earlier, according to market data.
Saldo Bank, which is also privately held, is a small bank by European standards. Deutsche Bank (NYSE: $DB), Germany’s largest lender, has nearly $2 trillion U.S. of assets.
The purchase of Saldo Bank comes as Payward seeks a banking license in Lithuania. In the U.S., Payward has applied for a national trust bank charter.
“A regulated EU bank is the piece that lets us serve European clients the way a primary financial institution should: one place to hold assets, move them freely, and put them to work,” said Payward in a news release announcing the deal.
Going forward, Payward plans to offer European customers interest-bearing bank deposits, loans, card services, and payments.
Saldo Bank is licensed to operate in Lithuania, Finland, Sweden and Germany. It offers deposits, consumer and business loans, and a wide range of payment services.
The takeover of Saldo Bank is subject to regulatory approvals and is expected to close in 2027.
Neither the stocks of Payward or Saldo Bank trade on a public exchange.
