Change, an Amsterdam-based investment fintech company, is poised to undergo a transformation as Swiss-based private equity firm Andromeda Capital Partners takes a majority stake in the company. The deal, orchestrated by Ingmar Mattus, founder of Andromeda Capital Partners, is expected to propel Change’s mobile-first multi-asset brokerage platform, encompassing cryptocurrencies, stocks, derivatives, and yielding assets, into a prominent global position.
The terms of the agreement dictate that Andromeda Capital Partners Suisse AG will raise its ownership stake in Change from 10% to 51%. The private equity fund, led by Mattus, will acquire the shares currently held by Change’s founder, Kristjan Kangro. The transaction’s completion is contingent upon approval from Dutch regulatory authorities, with the decision expected to be reached in October.
Kristjan Kangro, who embarked on building the trading platform at the youthful age of 24, expressed his confidence in Mattus as the ideal majority shareholder for Change. Kangro noted that Mattus possesses the requisite experience and ambition to propel Change to new heights. Change was co-founded by Kangro and Gustav Liblik, with early team members Alice Tärk and Marek Pajussaar remaining integral to the company to this day. Kangro reminisced, “We commenced operations in 2016, focusing exclusively on cryptocurrencies. Since then, Change has secured over €22 million in funding from investors. Today, our platform offers a comprehensive range of asset classes. Our customer base has expanded to 130,000 users across all 27 European Union countries. We have accomplished this by providing the most convenient and cost-effective investment services to foster financial growth.”
Significantly, this marks the second acquisition of a tech company founded by Kangro. His first venture was an automated scheduling platform in the Netherlands, which was acquired in 2016.
Mattus brings a wealth of investment expertise to the table, evident in his role as the Co-Founder and Director of Tickmill, a London-headquartered investment platform boasting six licensed firms globally, serving 100,000 clients with nearly 10 million trading transactions per month. Mattus outlined his strategic vision of expanding Change on a global scale while achieving profitability. “Change holds immense potential for expansion while maintaining profitability,” he stated.
In order to ensure robust capitalisation for Change, Mattus is set to lead a new investment round of €1 million, alongside Kangro and board member and former DHL CEO Roger Alan Crook. This fundraising endeavour will empower Change to broaden its array of investment instruments. Mattus articulated, “The transaction and fundraising will empower us to offer our clients even more streamlined avenues for investment.”
The acquisition of Change by Andromeda Capital Partners Suisse AG stands as a significant milestone in the European fintech landscape. It reflects the industry’s maturation and growing demand for mobile-first, multi-asset platforms that deliver convenient and cost-effective investment avenues. Positioned advantageously, Change is primed to leverage this trend and ascend to a prominent global role within the investment sphere.
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