London-based retail currency exchange firm ChangeGroup has acquired the retail arm of Swedish financial group SVEA Ekonomi to serve consumers who continue to demand cash payments.
The acquisition includes 16 branches and 100 employees of SVEA Ekonomi. “This acquisition strengthens our position in the Swedish market and comes at a time when the treasury services offered by banks are declining, but the need is still very apparent,” Sacha Zackariya, CEO of ChangeGroup, said in a statement.
ChangeGroup is also launching its Travel Money Online service in Sweden, allowing consumers to pre-order and pre-pay for services in foreign currencies, and have the currency available for withdrawal at a local post office or one of the 24 ChangeGroup branches in Sweden.
Change group Earlier this year, he announced that he had become a Western Union cross-border transfer agent in its UK branches, as well as in Germany and parts of Scandinavia. ChangeGroup plans to expand its Western Union offerings to the United States, Spain, Austria and France in the future. In 2015 Change group added a MoneyGram license to its UK branches.
The sale by SVEA is a relatively small part of its overall operations. SVEA has over 2,000 employees across Europe and focuses primarily on business loans. The company also offers accounts payable and receivable management, collections and digital commerce.