According to News, Ziglu, a company established in 2019, has consented to purchase Damex’s retail business in an all-stock transaction.
This past weekend, its value was uncertain.
The agreement will allow Ziglu to expand access to its array of banking, investment, and cryptocurrency services. It is anticipated that the arrangement will be revealed in the days leading up to Gibraltar Finance Week.
According to a source, the expanded business would have around 200,000 clients. In the upcoming months, it is reportedly seeking to provide US and UK stock trading to clients situated in Europe.
Ziglu considered selling itself in the spring of last year after the US-based trading platform Robinhood’s attempt to acquire the business failed.
Ziglu was valued at $170 million in that purchase.
Ziglu’s creator, Mark Hipperson, has since returned as the company’s chairman and CEO after a sale failed.
As it looks to make more acquisitions, the fintech is reportedly seeking to raise more money in the near future.
