Tuxedo Money Solutions has been bought out by Aldridge EDC Specialty Finance Partners as it bids to grow in Europe.
The deal between the investors and the global fintech and payment solutions provider behind The Tuxedo Travel MasterCard Prepaid Card, was completed on April 20 following FCA approval.
Former co-founder of HOIST Finance, Erik Fällström, and former partner at Lone Star Europe, Andreas Tuczka, will support Tuxedo CEO John Sharman in delivering the company’s growth plans across Europe and beyond.
It is looking to diversify across four fronts; customised white label card and payment programmes, PayTech platform solutions, alternative banking services and the consumer credit market.
John 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.”