Zilch to Acquire Fjord Bank to Kickstart European Expansion

Zilch, the consumer payments platform powering the future of commerce, today 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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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.”

About Zilch.

Zilch is the London-headquartered consumer payments platform making money go further. Launched in 2020 with a mission to eliminate high-cost credit, Zilch offers a new type of payments experience combining flexible ways to pay with meaningful rewards, putting consumers in control of their finances while bringing them closer to the brands they love. With over 5 million registered customers, Zilch uses its technology to connect its highly engaged user base with retailers and brands helping them acquire customers more efficiently whilst delivering consumers personalised rewards, benefits and discounts. Backed by leading global firms including AWS, Deutsche Bank and Visa, the business has rapidly scaled to become the UK and EMEA’s fastest-growing fintech unicorn, harnessing the power of credit, AI technology and data to improve financial outcomes for consumers and drive growth through rewiring the economics of global commerce.

Learn more at www.zilch.com

About Fjord Bank.

Fjord Bank is a fully digital challenger bank, headquartered in Vilnius, Lithuania. The company was established by a Nordic investor pool in 2017. After receiving a specialized banking license from the European Central Bank in 2019, the bank launched its services to the public in early 2021. Fjord Bank offers digital consumer finance and savings products, with a focus on the near-prime customer segment. The bank serves thousands of active customers, operating today in Lithuania, Estonia, the Netherlands, Germany, Spain, and Ireland.

Learn more at www.fjordbank.lt

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