Tickmill-owned investment firm Andromeda Capital Partners has acquired a 51% stake in Amsterdam-based fintech company Change.
Estonian millionaire Ingmar Mattus, owner of Tickmill and Andromeda Capital Partners, said the majority stake was acquired from Change founder Kristjan Kangro, and the deal will close in October this year after receiving approval from the relevant regulatory authorities.
"Change operates a versatile multi-asset investment app, and we are excited to join forces with them," Mattus said on his LinkedIn page.
The decision to acquire Change was driven by the company's team's commitment to excellence in product development and engineering, which is fully aligned with Tickmill's strategic plans to achieve significant growth and build a global trading platform, Mattus said.
It is worth noting that Change has been in a difficult position recently, with the company significantly reducing its expenses and downsizing its workforce. Kristjan Kangro, the owner of Change, tried to sell the company last fall, but due to the difficult situation in the global cryptocurrency market, no buyers were found.
Most of Change's clients are based in Estonia and the Czech Republic, which is an important factor for Tickmill as it seeks to strengthen and expand its influence in Europe.
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