A UK app founded by a Starling Bank co-founder that allows retail investors to buy cryptocurrencies is to acquire the retail arm of a Gibraltar-based crypto payments firm, as it extends its footprint across Europe.
Ziglu, founded by Starling Bank former CTO Mark Hipperson, is to buy the retail arm of Damex, in an all-share deal.
Specific financial details of the deal were not disclosed.
The deal will mean that Ziglu, founded in 2019, will be able to broaden the customer base of its cryptocurrency, investment and banking services.
It is understood the combined entity will have a customer base of around 200,000 and is set to offer UK and US stock trading for its European customers in the next few months.
Ziglu is most famous for nearly being acquired by the US trading app Robinhood in 2022, in a $170m deal, before the deal was abandoned amid a pricing disagreement.
Hipperson said:
"Ziglu and Damex both embody a common goal, to democratise finance for an EU-wide customer base and reduce the barriers to entry for a new generation of investors.
"We are excited to collaborate with Damex on extending our capabilities to customers across the EU."
Sam Buxton, Damex co-founder and CEO, said:
“We are excited to have Damex’s retail business partner with Ziglu, a company recognised for its robust regulatory standing and innovative product offerings.
"This collaboration will enhance the range of financial services available to our customers. Additionally, it will create a new listing opportunity for the Damex Token and allow Damex to focus on its core B2B services.”
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