Zilch agrees Fjord Bank acquisition to expand across Europe

January 8, 2026

Zilch, the consumer payments platform powering the future of commerce, has signed an agreement to acquire AB Fjord Bank, a Lithuania-based regulated bank, as it looks to accelerate its expansion across Europe.

The acquisition will provide Zilch with a European banking licence, enabling the business to roll out its offering across multiple European markets. Under the terms of the agreement, Zilch will acquire 100% of Fjord Bank and establish Lithuania as its European headquarters, using Vilnius as its operational and regulatory hub for European expansion.

Founded in 2021, Fjord Bank is a profitable challenger bank with approximately $120m in total assets. The bank focuses on online consumer lending and savings products and is authorised and regulated by the Bank of Lithuania and the European Central Bank.

The transaction marks the next phase of Zilch’s growth strategy, allowing the company to passport its proposition across Europe with enhanced capital efficiency while also expanding its product capabilities.

The deal follows a landmark year for Zilch, during which the company raised more than $175m in debt and equity funding, surpassed $200m in annual revenue and exceeded 5.5 million registered customers. During the same period, Zilch secured a second payments licence from the Financial Conduct Authority and launched its Zilch Intelligent Commerce AI product.

The acquisition is expected to complete in the second half of 2026, subject to regulatory approvals.

Zilch co-founder and CEO Philip Belamant 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.”

Fjord Bank CEO Veiko Kandla 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.”

Chairman of the supervisory board at Fjord Bank Olav Haugland 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.”