Zilch has signed an agreement to acquire Fjord Bank, a Lithuania-based bank with approximately US$120 million in assets, authorised and regulated by the Bank of Lithuania and the European Central Bank.

The acquisition provides Zilch with a European banking license, allowing it to expand its operations across Europe.

As part of the deal, Zilch will purchase 100% of Fjord Bank and establish its European headquarters in Vilnius, using the city as its operational and regulatory hub.

Fjord Bank, founded in 2021, profits as a challenger bank by offering online consumer lending and savings products.

The acquisition will enable Zilch to broaden its product offerings and deploy its services across Europe with greater capital efficiency.

The transaction follows a significant year for Zilch, which raised over US$175 million in debt and equity funding, surpassed US$200 million in annual revenue, secured a second FCA payments license, launched its Zilch Intelligent Commerce AI product, and reached 5.5 million registered customers.

Completion of the acquisition is expected in the second half of 2026.

Philip Belamant, Co-Founder and CEO of Zilch, said:

“By combining Fjord’s banking capabilities and regulatory footprint with Zilch’s data and AI capabilities, we can scale a new generation of consumer finance across Europe.”

Veiko Kandla, CEO of Fjord Bank, added:

“Joining Zilch provides the perfect opportunity to accelerate growth, expand our product set and reach millions more customers without compromising on our consumer-first values.”

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