Zilch, a consumer payments platform shaping the future of commerce, announced the signing of an agreement to acquire AB Fjord Bank, a Lithuania-based, fully regulated bank with approximately $120M in total assets and authorisation from the Bank of Lithuania and the European Central Bank. The transaction delivers a European banking licence, enabling faster expansion across Europe, with 100% of Fjord Bank to be acquired and Lithuania, with Vilnius as the operational and regulatory base, established as the European headquarters.
Founded in 2021, Fjord Bank is a profitable challenger bank specialising in online consumer lending and savings, recognised for trust, transparency and digital delivery. The acquisition supports the next stage of growth by allowing the proposition to be passported across Europe with improved capital efficiency and broader product capabilities. The deal follows a landmark year marked by more than $175M raised in debt and equity, annual revenue exceeding $200M, a second FCA payments licence, the launch of Zilch Intelligent Commerce AI and a customer base surpassing 5.5 million. Completion is expected 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.”