Dutch-Estonian fintech Change is acquired by Andromeda Capital
22 August, 2023, 18:22
Change, a fintech company founded by the Dutch and Estonian entrepreneurs, has been acquired by Andromeda Capital, a Swiss private equity firm. The majority stake acquisition will support the company’s global expansion plans, Tech.eu reports.
- Founded in 2016 by CEO Kristjan Kangro and CPO Gustav Liblik, Change started as a crypto-asset platform. Over time, the company expanded to cover stocks, derivatives, and yielding assets. Currently, it is a rapidly growing fintech providing 31 European Union countries access to exciting investments, with €170 million traded through the platform so far.
- According to the transaction deal, Andromeda Capital Partners Suisse AG will increase its stake in Change Group from 10% to 51%. The deal is currently pending approval by the Dutch regulator, expected in October.
- In April 2023, Change secured €2 million in a funding round Andromeda Capital, who also announced the plans to acquire a larger share in the future.
- Mattus, a private equity fund, will also acquire the shares held by Kristjan Kangro, Change’s founder. The firm will make a follow-up investment for the €1 million round which also includes participation from Kristjan Kangro and Roger Crook.
- The financing round will enable the Dutch company to offer its clients even broader investment instruments.