A British-based investment and banking app has struck a deal to acquire part of a Gibraltar-based rival that will instantly add tens of thousands of customers to its business. Sky News understands that Ziglu, which was founded in 2019, has agreed to buy the retail operations of Damex in an all-stock deal. Its valuation was unclear this weekend.
The enlarged company, which a source said would have close to 200,000 customers, is said to be planning to offer UK and US stock trading for European-based customers in the coming months. In the spring of last year, Ziglu entertained the idea of putting itself up for sale following the collapse of a takeover of the company by Robinhood, the US-based trading platform. That deal was expected to value Ziglu at $170m.