Svea Ekonomi was acquired by the UK-based retail foreign exchange Change Group.

SVEA Ekonomi, a Stockholm, Sweden-based financial group, announced that it entered into an agreement for selling its retail arm to the British Change Group International Plc (ChangeGroup).

The transaction, which has the financial details undisclosed, consists of 16 branches and 100 staff from SVEA Ekonomi. Following the deal, SVEA Ekonomi will remain focussed on its finance solutions for small and medium sized enterprises, as well as on its on- and offline payment services.

Change Group, led by CEO Sacha Zackariya, was founded in 1992 when they opened their first exchange office in London on Regent Street, and now operates in 12 countries and 37 cities around Europe, North America and Australia. This is is ChangeGroup’s 18th acquisition and increases its reach to 118 branches in 10 countries.

Svea Ekonomi AB, founded in 1981, is a privately-owned group that operates in the credit market and performs financial and administrative services such as financing, invoice purchasing, factoring, contract management, credit reporting and debt collection. The group has operations in eight European countries (Denmark, Estonia, Finland, the Netherlands, Norway, Switzerland, Sweden and Germany).