Tuxedo Money Solutions has changed hands to help drive diversification and growth.
The global fintech and payment solutions provider aims to expand on four fronts.
These include customised, white label card and payment programmes, paytech platform solutions, alternative banking and expansion into the consumer credit sector.
The new owners are former co-founder of Hoist Finance, Erik Fällström and Andreas Tuczka, of Aldridge EDC Specialty Finance Partners.
They will support Tuxedo chief executive John Sharman in delivering the company’s ambitious growth plans across Europe and beyond.
Sharman said: “Tuxedo has major growth plans within the paytech and financial services sectors, in Europe and beyond, and our new investors are key to helping us achieve this growth.
“The sector knowledge, experience and relationships that Erik and Andreas bring will open up new and significant opportunities for the business, while providing the strategic direction, insight and senior guidance required to deliver our ambitious growth plans.”