Consumer payments platform, Zilch, has signed an agreement to acquire AB Fjord Bank to accelerate and grow its offering across Europe.

Zilch, which already has 5.5million registered customers, will purchase 100% of the Lithuanian challenger bank, providing it with a European banking licence, and will establish Lithuania as its EU HQ as part of its growth plans.

The deal – expected to complete in H2 2026, subject to regulatory approvals – follows Zilch’s previous $176m round of funding to fuel innovation and platform enhancements while increasing brand visibility and reach.

Philip Belamant, Co-Founder & CEO of Zilch, described the acquisition as a “defining moment” for the business and its growth aspirations.

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

“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,” Veiko Kandla, CEO of Fjord Bank, added.