Consumer payments giant Zilch is eyeing more deals after snapping up a Lithuanian challenger bank ahead of its long-awaited public debut.
The UK fintech has acquired Fjord Bank, helping it to secure a European banking licence and accelerate overseas plans.
“We needed a regulatory umbrella that would allow us to go and move really fast throughout Europe as we roll out,” Philip Bellamant, Zilch’s chief executive, told City AM.
“And this, of course, provides us that, but more importantly it also provides us with a fantastic team.”
But Bellamant stressed the deal did not signal a move from Zilch beyond its payments forte, adding the transaction with Fjord was “expressly not about banking”.
“We’re not looking to build some huge big balance sheet net interest margin, a kind of lazy deposits business here,” he said.
When asked about more deals on the horizon, Belamant said the Fjord acquisition “tees [Zilch] up to really continue at pace with our corporate finance strategy and our bigger plan for the business”.
In November, Zilch landed $175m in debt and equity led by KKCG, with the intention of “strategic M&A.” Belamant confirmed a “substantial sum” was still left over from the transaction.
Zilch on road to IPO
Zilch operates under two licences in the UK from the Financial Conduct Authority (FCA) after securing its payments licence in December 2025.
The fintech boss noted that under a European banking licence firms are able to open branches in the UK, but added “there is a benefit, of course, in [securing a UK licence] for our UK operation as well.
“We’ll certainly be considering all of these options.”
In the UK, despite major pushes from the Treasury, deregulation efforts around licences have waned. City AM revealed as few as six e-money licences were granted by the financial watchdog in the first half of 2025 despite 25 applications.
Revolut has faced a headache in securing its banking licence due to the unprecedented size of the fintech giant.
When asked whether Zilch worried about the same issue, Belamant said: “I think that’s a very fair point… our strategy doesn’t end here, if I could say it that way.
“We’re actively engaged with the FCA and continue to have ongoing discussions”.
The new acquisition is viewed by Zilch as a way to “passport” into other nations to accelerate its consumer payments strategy across continental Europe.
By the third quarter of 2025, Fjord netted €1.16m (£1.01m) in profit, compared to a loss of €218k for the same period in 2024.
The group holds $120m in total assets authorised and regulated by the European Central bank.
Zilch is among names tipped to make a public debut in the near-future after Belamant previously described the idea of listing in London as “fantastic”.
Belamant hinted at more fundraising in the pipeline: “We expect [fundraising] certainly may be the case… and then of course we continue towards a public agenda”.