TEGOS has advised Zilch, the UK consumer payments platform shaping the future of commerce on its agreement to acquire AB Fjord Bank, a Lithuania based bank authorised and regulated by the Bank of Lithuania and the European Central Bank, with approximately USD 120 million in total assets.
The transaction represents a key strategic milestone for Zilch, securing a European banking licence and enabling the accelerated rollout of its services across European markets. Under the terms of the transaction, Zilch will acquire 100% of the shares in Fjord Bank and establish Lithuania as its European headquarters, with Vilnius serving as the company’s operational and regulatory hub for expansion across Europe.
Founded in 2021, Fjord Bank is a profitable and fully regulated challenger bank focused on online consumer lending and savings products. The bank has built a strong reputation for trust, transparency, and digital delivery. The acquisition marks the next phase of Zilch’s growth, enabling the business to passport its market leading offering across Europe with enhanced capital efficiency while expanding its product capabilities.
The transaction concludes a transformational year for Zilch, during which the company raised over USD 175 million in debt and equity financing, surpassed USD 200 million in annual revenue, secured a second Financial Conduct Authority (FCA) payments licence, launched its Zilch Intelligent Commerce AI product, and exceeded 5.5 million registered customers.
Zilch was advised by the TEGOS team – Žygimantas Stankevičius, Aurimas Pauliukevičius, Rūta Tikuišytė, Rasa Blinstrubienė, Elena Mickevičienė, Lina Mileškevičienė, Paulius Žalnieraitis, and Urtė Pūkaitė.
- Read more: here
