London-Based Zilch Acquires Lithuania’s AB Fjord Bank

The acquisition is expected to close in the second half of 2026 pending regulatory approvals.

By acquiring AB Fjord Bank, Zilch gains a European banking licence, enabling faster expansion across Europe. Zilch will purchase 100% of the bank and establish Lithuania as its European headquarters, using Vilnius as its operational and regulatory hub.

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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.”

Founded in 2021 and led by CEO Veiko Kandla, Fjord Bank specializes in online consumer lending and savings, earning a reputation for trust, transparency, and digital-first services.

Zilch, led by CEO Philip Belamant is a consumer payments platform offering flexible payment options with rewards. Serving over 5 million registered customers, Zilch connects users with retailers and brands, enhancing financial control and customer engagement.

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.”

About Zilch

Zilch, founded in 2018, is a consumer payments platform on a mission to make payments simple, flexible, and rewarding. Its vision is to eliminate the high cost of consumer credit, empowering users to pay for anything, anywhere while connecting them with brands in a fair and transparent way.