Aug 2, 2026M&AEU

Zilch to Acquire Lithuania's Fjord Bank for European Banking Licence

Zilch announced on Jan 8, 2026, that it has signed an agreement to acquire 100% of AB Fjord Bank, a Lithuanian bank authorised by the Bank of Lithuania and the European Central Bank. Fjord Bank holds approximately $120 million in total assets and focuses on online consumer lending and savings products. The acquisition gives Zilch a European banking licence, allowing it to passport its offerings across Europe.

Zilch will establish Vilnius as its European headquarters and use the city as its operational and regulatory platform for continental expansion. The transaction is expected to close in the second half of 2026, subject to regulatory approvals. Financial terms were not disclosed.

Entities

ZilchFintech AB Fjord BankBank Bank of LithuaniaBank European Central BankBank

Implications

Demonstrates a growing trend of fintechs acquiring licensed banks to vertically integrate and own their banking infrastructure rather than relying on BaaS partners.
Strengthens Lithuania's position as a European fintech and banking licence hub, potentially attracting further embedded finance players to the jurisdiction.
Could reduce Zilch's dependency on third-party BaaS providers, signalling a maturation phase where large fintechs bring regulated capabilities in-house.