The Swiss-based private equity firm, Andromeda Capital Partners, owned by popular retail trading brand Tickmill, is acquiring a majority stake in Change, an Amsterdam-based fintech company. According to Ingmar Mattus, the Co-Founder of both entities, the deal will elevate Change, known for its mobile-first multi-asset brokerage platform, to a global contender in the investment world. The transaction is expected to close in October, pending approval from Dutch regulators.
Andromeda Capital Acquires Majority Stake in Change
Andromeda Capital Partners will increase its ownership in Change from 10% to 51%. The shares will be acquired from Change's Founder, Kristjan Kangro. This move is part of a broader strategy to expand Change's reach and offerings, including cryptocurrencies , stocks, derivatives, and yielding assets.
Although the information first appeared in the media in August, it has now been officially announced to a wider audience by Mattus, who launched Andromeda eight months ago. In his social media posts, Mattus stated that several factors drove the decision to acquire a majority stake.
"First and foremost, we were greatly impressed by the exceptional talent and efficiency of their team," Mattus commented in a LinkedIn post. "They excel in product development and engineering, aligning perfectly with our strategic vision of achieving substantial growth and establishing a truly global multi-asset trading platform ."
Kristjan Kangro, who began developing Change at 24, will remain as the President of the fintech company. Kangro expressed his confidence in Mattus as the right majority shareholder.
"He has the experience and ambition to take Change to the next level," Kangro commented. "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."
Since its launch, Change has expanded its customer base to 130,000 users across all 27 European Union countries.
To ensure Change's growth, a new €1 million investment round will be led by Mattus, along with Kangro and the Board Member, Roger Alan Crook, the former CEO of DHL. This funding will enable Change to diversify its investment instruments, providing clients with more convenient investment options.
Andromeda's New Investment and Tickmill's Expansion
Andromeda has recently added another feather to its cap by securing an investment. In July, Galaxy Ventures GmbH, the parent company of AgenaTrader and TradersYard, received an investment of €3.5 million from Tickmill's private equity arm. This financial infusion marked a pivotal moment for AgenaTrader and TradersYard, setting them on a path to revolutionize the trading industry with cutting-edge platforms and a collaborative social trading network.
As for Tickmill, the company has been making strategic moves to expand its global presence. In May, it announced the opening of a new office in Dubai, located in the Emirates Financial Towers. This new location operates under DFSA regulation and aims to fuel the broker's expansion in the MENA region. Joseph Dahrieh, who has been with Tickmill for five years and has experience with other regional brokers, leads the Dubai office as the Managing Principal.
In addition, Tickmill has launched a new IB Contest, which commenced on 1 June 2023 and will continue until 1 February 2024. The contest is open to clients of Tickmill Ltd. (Seychelles) and Tickmill Asia.
