Safello takes over Cryex in a SEK 20M deal

Sweden M&A 25 October 2017
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Cryex, a Stockholm, Sweden-based company working on the development of a marketplace for international currency trading was taken over by local company Safello in a asset takeover deal estimated to be around SEK 20M ($2.5M).

Cryex, founded in 2014 and led by CEO Lotta Eek, was founded as an independent, order driven, blockchain compatible FX market place integrated with a licensed Central Counter Party clearing organization, CCP.

The company has raised $18M in risk capital from high profile local venture firms, including Conor Venture Partners, Northzone and White Star Capital, and has had operational losses since its founding, with SEK 52.3M ($6M) in red for 2016.

Safello, founded in 2014 and led by CEO Frank Schuil, operates an online bitcoin exchange that allows direct payments from 86 banks across 11 countries. The company is backed by local angel investors, having raised about $2M in outside funding.