Zilch, a UK-based payments company, has agreed to acquire Lithuania's Fjord Bank, enhancing its regulatory capabilities and expanding its product offerings throughout Europe.

Information on the Target

Zilch, a rapidly expanding UK-based consumer payments company, has entered into an agreement to acquire Fjord Bank, a challenger bank located in Vilnius, Lithuania. This acquisition marks a significant milestone for Zilch as it enables access to a European banking license, establishing Vilnius as its primary headquarters in Europe. This strategic advantage allows Zilch to enhance its financial services offerings throughout the European Economic Area (EEA).

Fjord Bank operates in various European markets and boasts approximately $120 million in assets. It is fully regulated, holding a banking license authorized by both the Bank of Lithuania and the European Central Bank. With this acquisition, Zilch will be able to 'passport' its consumer finance and payment services across multiple European countries, thereby streamlining its entry into different markets and increasing operational efficiency.

Industry Overview in Lithuania

Lithuania is increasingly recognized as a burgeoning hub for fintech in Europe, characterized by a strong regulatory framework that facilitates innovation and promotes competitive practices. T