Zilch’s Step towards European Expansion by Acquiring AB Fjord Bank
In a recent development in the fintech sector, Zilch, a prominent fintech firm, has confirmed its plans to acquire AB Fjord Bank, a Lithuania-based institution. The deal has been sealed for an undisclosed amount.
Details about the Acquisition
Fjord Bank, holding approximately $120 million in assets, operates under the authorisation and regulation of the Bank of Lithuania and the European Central Bank. With this acquisition, Zilch will gain a European banking license, which will permit it to extend its reach within the European market. As part of this deal, Zilch plans to establish its European headquarters in Lithuania, with Vilnius becoming the operational centre for its further European expansion.
What Does this Acquisition Mean for Both Entities?
Founded in 2021, Fjord Bank has made a mark as a challenger bank specialising in digital consumer lending and savings products. It is considered a profitable business. For Zilch, the acquisition of Fjord Bank is a strategic move to offer its financial services more widely across Europe while enhancing its portfolio of products.
Fjord Bank CEO, Veiko Kandla, expressed his pride in the growth of the Fjord team and the successful scaling of the business. He stated that joining Zilch provides an opportunity to accelerate growth, extend their product range, and reach more customers without compromising their consumer-first values.
Zilch’s Significant Achievements
Zilch has had a noteworthy year, with the company reporting over $175 million raised through debt and equity funding, surpassing $200 million in annual revenue, and obtaining an additional payments license from the UK’s Financial Conduct Authority (FCA). Alongside these achievements, Zilch has also launched a new AI-powered product and has registered over 5.5 million customers.
What’s Next?
The acquisition deal is currently awaiting regulatory approval and is anticipated to be completed in the latter half of 2026. Zilch CEO and co-founder Philip Belamant expressed that by combining Fjord’s banking capabilities and regulatory footprint with Zilch’s market-leading data, AI capabilities and unique operating model, they can scale a new generation of consumer finance across Europe.
This development is a significant step for Zilch in its growth journey and a testament to the transformative power of fintech in reshaping the financial landscape.
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