Zilch, the UK and EMEA’s fastest-growing fintech unicorn, has announced its plans to acquire Lithuania-based Fjord Bank, a fully regulated challenger bank with approximately $120 million in total assets. The move will provide Zilch with a European banking licence, marking a major milestone in the company’s international expansion strategy. The deal positions Zilch to accelerate the rollout of its consumer finance offerings across European markets.
Strategic Significance of the Acquisition
Under the terms of the agreement, Zilch will acquire 100% of Fjord Bank and establish its European headquarters in Vilnius, Lithuania. This location will serve as the operational and regulatory hub for Zilch’s expansion throughout the continent. By combining Fjord’s banking licence and regulatory infrastructure with Zilch’s existing payments platform, the company aims to scale its services efficiently and broaden its product capabilities.
About Fjord Bank
Founded in 2017 by a Nordic investor pool, Fjord Bank launched publicly in 2021 after securing a specialized banking licence from the European Central Bank in 2019. The bank focuses on online consumer lending and savings, with a strong reputation for transparency, trust, and digital-first service. Today, Fjord Bank operates in Lithuania, Estonia, the Netherlands, Germany, Spain, and Ireland, serving thousands of active customers across Europe.
Accelerating Zilch’s Growth
The acquisition follows a transformative year for Zilch, which surpassed $200 million in annual revenue and grew its registered customer base to over 5.5 million. The company also raised more than $175 million in debt and equity financing, obtained a second FCA payments licence, and launched its AI-powered Zilch Intelligent Commerce product. This combination of achievements underscores Zilch’s ambition to become a leading consumer finance platform across Europe.
Leadership Perspectives
Philip Belamant, Co-Founder and CEO of Zilch, described the deal as a defining moment for the company, emphasizing the alignment of both firms’ customer-first philosophies. “By combining Fjord’s banking capabilities with Zilch’s AI and data-driven platform, we can scale a new generation of consumer finance across Europe,” Belamant said. Fjord Bank CEO Veiko Kandla echoed this view, noting that the partnership provides an opportunity to expand product offerings and reach millions more consumers.
Olav Haugland, Chairman of Fjord Bank’s Supervisory Board, highlighted the importance of securing a partner capable of supporting Fjord’s growth ambitions. He expressed confidence in Zilch’s leadership and commitment to maintaining the bank’s consumer-focused values. The acquisition is expected to close in the second half of 2026, pending regulatory approvals.
About Zilch
Founded in 2020, Zilch offers a consumer payments platform that combines flexible payment options with rewards and incentives. The company’s mission is to eliminate high-cost credit while putting consumers in control of their finances. With backing from global firms including AWS, Deutsche Bank, and Visa, Zilch has rapidly scaled to become one of the fastest-growing fintech unicorns in the UK and EMEA, leveraging AI and data to enhance financial outcomes for consumers.
The acquisition of Fjord Bank represents a pivotal step in Zilch’s European expansion, providing both regulatory infrastructure and operational capabilities to scale efficiently. It strengthens Zilch’s ability to deliver innovative consumer finance solutions across multiple markets while maintaining high standards of transparency and protection. As the transaction progresses toward completion, the combined entity aims to redefine consumer payments and financial services across Europe.