As first reported by EU Startups, Amsterdam-based fintech Change is to sell a majority stake to Swiss-based private equity firm Andromeda Capital Partners Suisse AG.
The deal is expected to close in Q4 2023.
Private Equity News Netherlands
Change is a mobile-first multi-asset brokerage platform that offers trading in cryptocurrencies, stocks, derivatives, and yielding assets.
Image: Change
The company was founded in 2018 and has over 100,000 customers in Europe.
Andromeda Capital Partners is a private equity firm that invests in growth companies in the financial services sector.
The firm has over $1 billion in assets under management and has invested in a number of fintech companies, including Revolut and N26.
The deal between Change and Andromeda Capital Partners is a sign of the growing interest in fintech from private equity firms.
Fintech companies are seen as having the potential to disrupt traditional financial services businesses, and private equity firms are looking to get in on the growth potential of this sector.
The deal with Andromeda Capital Partners is expected to help Change to expand its product offerings and reach new markets.
Under the terms of the deal, Andromeda Capital Suisse AG will increase its stake in Change from 10% to 51% approx.
Mattus’ Swiss private equity fund will acquire the shares held by Change founder Kristjan Kangro. The deal is subject to approval by the Dutch regulator, which is expected to take place in Q3.
Kangro, who started building the platform at the age of 24, said that Mattus is the right majority shareholder.
“He has the experience and ambition to take Change to the next level,” Kangro said. Change was co-founded by Kangro and Gustav Liblik, with the help of team members Alice Tärk and Marek Pajussaar, who are still part of the company today.
“We started operating in 2016, focusing only on cryptocurrency. Since then, Change has raised over €22 million in funding from investors and today we offer almost all possible asset classes on our platform.
We’ve grown our customer base to 130,000 users and cover all 27 European Union countries. We’ve achieved all this by offering the most convenient and lowest-cost investment services to help you grow your money,” he added.
The city is home to a number of successful fintech companies, such as Adyen and Trade Republic. Amsterdam is also home to a number of venture capital firms that are investing in fintech startups.
The deal between Change and Andromeda Capital Partners is a positive development for the fintech industry. It shows that private equity firms are willing to invest in fintech companies, and it will help Change to expand its business and reach new markets.
