Zilch has acquired Lithuanian lender Fjord Bank, giving the London-based fintech unicorn a European banking licence and a huge step forward in its expansion plans.
Zilch will purchase 100% of Fjord Bank and will establish Lithuania as its European headquarters, 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 focused on online consumer lending and savings products.
The deal caps a transformational year for Zilch, during which the business raised over £130m in debt and equity funding, surpassed £149m in annual revenue, secured a second Financial Conduct Authority (FCA) payments licence, launched its landmark Zilch Intelligent Commerce AI product and passed 5.5 million registered customers.
“This is a defining moment for Zilch as we build a platform that will power our international expansion,” says Philip Belamant, co-founder and CEO at Zilch. “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.
“By combining Fjord’s banking capabilities and regulatory footprint with Zilch’s 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.”
The transaction is expected to complete in the second half of 2026, subject to regulatory approvals.
“Having established the business and successfully scaled it, the time is now right to become part of a bigger mission,” adds Veiko Kandla, CEO at Fjord Bank.
“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.”
Last month, Zilch secured a new payments services licence that will allow it to develop in-house payment methods ahead of major product launches.
