Change Group International Plc, a UK-based retail foreign exchange business, acquired the retail arm of SVEA Ekonomi, a Swedish finance group.
The amount of the deal was not disclosed.
The acquisition of 16 branches and 100 staff from SVEA Ekonomi is ChangeGroup’s 18th acquisition and increases its reach to 118 branches in 10 countries.
Following the deal, SVEA Ekonomi will remain focused on its finance solutions for small and medium sized enterprises, as well as on its on- and offline payment services.
Led by Sacha Zackariya, CEO, ChangeGroup offers cash services, which include currency exchange, money transfer, tax refund, ATM services and bill payments for local people, businesses and inbound tourists.
Established in 1992, the business currently has operations in 13 countries and 44 cities across Europe, North America and Asia Pacific with more than 600 employees in 130 branches.