Fintech firm Zilch is set to acquire AB Fjord Bank, a Lithuania-based institution with around $120m in assets. The deal will grant Zilch a European banking license, expanding its presence in the European market.

Fjord Bank, established in 2021, focuses on digital consumer lending and savings products. The acquisition will see Zilch take full ownership of Fjord Bank and establish its European headquarters in Lithuania.

Zilch aims to enhance its financial services in Europe through the acquisition, building on its success of raising over $175m in the past year and reaching 5.5 million registered customers. The transaction is pending regulatory approval and is expected to be completed in the second half of 2026.

Zilch CEO Philip Belamant expressed excitement about combining Fjord Bank’s banking capabilities with Zilch’s data and AI capabilities to revolutionize consumer finance in Europe. The acquisition aligns with Zilch’s strategy of growth and innovation in the financial services sector.

Read more at Yahoo Finance: Zilch to acquire Lithuania’s Fjord Bank for expansion in Europe