Zilch announced it has signed an agreement to acquire AB Fjord Bank, a Lithuania-based challenger bank regulated by the Bank of Lithuania and the European Central Bank, in a move designed to secure a European banking licence and accelerate Zilch’s rollout across the continent. Zilch said it will buy 100% of Fjord Bank and plans to make Lithuania its European headquarters, using Vilnius as its operational and regulatory base for expansion.
Fjord Bank, launched in 2021, is described as a profitable, fully regulated digital bank focused on online consumer lending and savings products. Zilch said Fjord Bank has about $120 million in total assets and that the combination will enable Zilch to “passport” its proposition across Europe with improved capital efficiency while broadening product capabilities.
Zilch framed the deal as the next phase of growth following what it called a “transformational year,” citing more than $175 million raised in debt and equity, over $200 million in annual revenue, a second FCA payments licence, the launch of its Zilch Intelligent Commerce AI product, and 5.5 million registered customers. The transaction is expected to close in the second half of 2026, subject to regulatory approvals.
KEY QUOTES:
“This is a defining moment for Zilch as we build a platform that will power our international expansion.”“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.”
Philip Belamant, Co-Founder and CEO, Zilch
“We are incredibly proud of what the Fjord team has built over the past five years.”“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.”
Veiko Kandla, CEO, Fjord Bank
“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.”
Olav Haugland, Chairman, Supervisory Board, Fjord Bank
