Acquisition will provide Zilch, the UK and EMEA’s fastest-growing fintech unicorn, with a European banking licence as it eyes international rollout
Zilch, the consumer payments platform powering the future of commerce, announces it has signed an agreement to acquire AB Fjord Bank, a Lithuania-based bank with approx. $120M in total assets that is authorised and regulated by the Bank of Lithuania and the European Central Bank.
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Zilch to Acquire Fjord Bank to Kickstart European Expansion; Acquisition will provide Zilch, the UK and EMEA’s fastest-growing fintech unicorn, with a European banking licence as it eyes international rollout
The acquisition will represent a major strategic milestone for Zilch, providing a European banking licence that will enable the accelerated rollout of its offering across Europe. Zilch will purchase 100% of Fjord Bank and will establish Lithuania as its European headquarters as a consequence of the transaction, using Vilnius as its operational and regulatory platform for expansion across Europe.
Launched in 2021, Fjord Bank is a profitable and fully regulated challenger bank, focusing on online consumer lending and savings products that have built a strong reputation for trust, transparency and digital delivery. This acquisition marks the next phase of Zilch’s growth, and will enable the business to passport its market-leading proposition across Europe with enhanced capital efficiency, whilst broadening its product capabilities.
The deal caps a transformational year for Zilch, during which the business announced that it had successfully raised over $175M in debt and equity funding, surpassed $200M annual revenue, secured a second Financial Conduct Authority (FCA) payments licence, launched its landmark Zilch Intelligent Commerce AI product and passed 5.5m registered customers.
The transaction is expected to complete in the second half of 2026, subject to regulatory approvals.
Philip Belamant, Co-Founder and CEO of Zilch, said: “This is a defining moment for Zilch as we build a platform that will power our international expansion. Not only does the deal give us a strong, trusted and fully regulated banking presence in Europe, but it represents a coming together of shared visions. Both businesses have been built on a founding principle of putting customers first and building financial products with the highest standards of protection and transparency. By combining Fjord’s banking capabilities and regulatory footprint with Zilch’s market-leading data, AI capabilities and unique operating model, we can scale a new generation of consumer finance across Europe, just as we have done in the UK.”
Veiko Kandla, CEO of Fjord Bank, said: “We are incredibly proud of what the Fjord team has built over the past five years. Having established the business and successfully scaled it, the time is now right to become part of a bigger mission. Joining Zilch provides the perfect opportunity, enabling us to accelerate growth, expand our product set and reach millions more customers without compromising on our consumer-first values.”
Olav Haugland, Chairman of the Supervisory Board of Fjord Bank, added: “As custodians of the bank, our priority was to find a home that could support the next phase of Fjord’s growth and ambition. We firmly believe we have found that with Zilch, and its outstanding leadership team and look forward to seeing the business continue to thrive as part of the group.”
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