Global fintech and payment solutions provider Tuxedo Money Solutions has been acquired by Erik Fällström and Andreas H Tuczka, of Aldridge EDC Specialty Finance Partners (AEDC).
The deal completed on 20 April, following the approval of the FCA.
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.
With extensive experience within financial services, the new investors will help to drive Tuxedo’s diversification and growth on four fronts: customised, white label card and payment programmes; PayTech platform solutions, centred around Tuxedo’s new Liveload technology; alternative banking services; and expansion into the consumer credit market.
Sharman says: “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.”