Ziglu announced today their intention to acquire Gibraltar-based Damex’s retail arm, accelerating the firm’s plans to open up its banking, crypto and investment platform to customers internationally.
The agreement in principle was jointly announced at Gibraltar Finance Week by Sam Buxton and Mark Hipperson, the respective Founders and Chief Executive Officers of Damex and Ziglu. The acquisition will fast-track Ziglu’s plans to extend its suite of innovative financial products and services to Damex’s established customer base, enhancing the value proposition for both companies’ clients.
Ziglu, the UK-based personal investment and banking app launched in 2020 by Fintech entrepreneur Mark Hipperson, was the first in the market to be fully regulated with the FCA licences and registrations to offer UK customers both e-money and crypto services.
Speaking on the synergy between the two businesses, Mark Hipperson said “Ziglu and Damex both embody a common goal, to democratise finance for an EU-wide customer base and reduce the barriers to entry for a new generation of investors. We are excited to collaborate with Damex on extending our capabilities to customers across the EU.”
With this acquisition, Damex customers will gain access to Ziglu’s products including trading cryptocurrency, earning yield via its ‘Boost’ products, and moving and spending money, locally and internationally, without fees. In addition to its existing proposition, Ziglu will soon introduce UK & US stock trading and investment services for European customers.
Commenting on the deal, Sam Buxton stated: “We are excited to have Damex’s retail business partner with Ziglu, a company recognised for its robust regulatory standing and innovative product offerings. This collaboration will enhance the range of financial services available to our customers. Additionally, it will create a new listing opportunity for the Damex Token and allow Damex to focus on its core B2B services.”
On the regulatory environment for financial services, Ziglu’s Mark Hipperson commented “UK financial regulation has become even more challenging since our launch, and we recognise that the bar for financial institutions is just as high in Europe. Ziglu is proud of its regulatory heritage and plans to blaze a trail in the EU, as it did in becoming (and remaining) one of the very few businesses in the UK licensed to provide e-money, crypto and (soon) investment services to personal customers.”
The acquisition of Damex Retail accelerates Ziglu’s vision of becoming a leading pan-European financial platform. “By integrating Damex’s business with our ecosystem, we can deliver greater value, flexibility, and opportunities for our customers across multiple markets”, Hipperson added.