Dutch-Estonian investment fintech Change Group AS is being acquired by Swiss-based private equity firm Andromeda Capital Partners Suisse AG (founded by Ingmar Mattus, co-founder of cross-asset broker Tickmill) in an undisclosed deal.
Change began life as a crypto-asset platform but after the onset of the crypto winter the organisation 'changed' into something more and expanded its asset classes to also include stocks, derivatives, and yielding assets and is now in use in 27 European Union countries. The acquisition by Andromeda Capital will see the platform ripen itself for a global expansion.
Under the terms of the transaction, Andromeda Capital Partners Suisse AG will increase its stake in Change Group from 10% to 51%. Mattus' Swiss private equity fund will acquire the shares held by Change founder Kristjan Kangro. The transaction is subject to approval by the Dutch regulator, which is expected to take place during October.
For Kango this is his second time around the acquisition sundial, a previous automated scheduling platform he founded in the Netherlands, SwingBy, was acquired in 2016.
Additional funding will be sunk into the fintech, separate from the acquisition deal. Following on funds already invested in Spring this year, Mattus will make a follow-up investment in a €1 million round which also includes participation from Kangro (who remains CEO) and Roger Crook.