Tuxedo Money Solutions Ltd, has announced that it has new 100% owners in Erik Fällström and Andreas H Tuczka, of Aldridge EDC Specialty Finance Partners ("AEDC").
The deal completed on 20th 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 ambitious 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;
1. Customised, white label card and payment programmes
2. PayTech platform solutions, centred around Tuxedo’s new Liveload® technology
3. Alternative Banking services
4. Expansion into the consumer credit market
John Sharman comments: “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.”
Aldridge EDC Specialty Finance Partners ("AEDC") business objective is the purchase of operating businesses and assets in the financial services sector in Europe and CEE. The core focus lies on acquisitions of / investments in (i) platforms and assets of un-/secured (non- and sub-performing) consumer loans, SME loans, residential mortgages; (ii) financial solutions platforms (on low cost and high-/ fin-tech basis) offering payment and banking solutions for underbanked consumers, and (iii) (distressed/sub-performing) regulated financial institutions (including banks). AEDC is run by Erik Fällström, former Co-Founder of HOIST Finance, and Andreas H Tuczka, former partner at Lone Star Europe.