London-headquartered FX firm continues global growth with Swedish acquisition

A London-based firm has become one of the world’s largest foreign exchange businesses after acquiring the retail arm of a Swedish finance group.

ChangeGroup has extended its global reach to 118 branches in 10 countries through its latest acquisition of Swedish firm SVEA Ekonomi.

The deal marks the firm’s 18th acquisition and sees SVEA Ekonomi’s 16 branches and 100 staff become part of the UK-based group.

Sacha Zackariya, CEO at ChangeGroup, explained: “This acquisition strengthens our position in the Swedish market, and comes at a time when cash services being offered by the banks are decreasing, yet the requirement is still very apparent.

“This is part of our continued strategy to expand across new regions, airports and city centres with our currency exchange, money transfer, tax refund, ATM and other cash services to support the continued and growing demand for cash.”

Anders Lidefelt, SVEA Ekonomi’s Deputy CEO commented: “We are pleased to have agreed this transaction with ChangeGroup, which has an excellent track record in this industry.

“This strategic sale allows us to focus and strengthen our core proposition and digital offerings.”