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FDCTech, Inc., (OTCMKTS: FDCT) a fintech firm specialising in acquiring legacy financial services companies, and the 100% owner of Alchemy Markets and Alchemy Prime, and the Condor trading platform, has entered into a non-binding letter of intent to acquire Steven AB, trading as Xoala, a Swedish Electronic Money Institution, for USD 6.75 million.
The Irvine, California-based company said the acquisition forms part of its strategy to expand its regulated financial services footprint across Europe and the UK, positioning itself as a vertically integrated global trading and payments group.
Steven AB, registered in Sweden under company number 559026-5673, is authorised as an Electronic Money Institution and regulated by the Swedish Finansinspektionen under ID number 48004. The company operates under the trading name Xoala and holds licences extended across the European Economic Area.
Under the letter of intent, FDCTech proposes to acquire 100 per cent of the shares of Steven AB from Steven FS Limited (UK). The purchase price comprises both the premium for the shares and the Own Funds Capital of Steven AB.
The consideration will be paid in five equal annual instalments of USD 1.35 million each, starting 13 June 2026 through 13 June 2030. The seller has agreed to a 45-day exclusivity period for FDCTech to conduct due diligence and negotiate a definitive Share Purchase Agreement.
Xoala offers regulated multi-currency accounts in 26 fiat currencies and supports eight leading cryptocurrencies, enabling instant foreign exchange conversion, cross-border payments, and crypto-to-fiat settlements under European regulations. The platform provides multi-currency accounts, foreign exchange services, payment acquiring, and both virtual and physical debit cards.
"Signing this LOI with Steven AB marks an important step toward our vision of becoming a fully integrated fintech powerhouse. Once completed, this acquisition will give the Company a strong European payments infrastructure, enabling us to provide our clients with a complete trading-to-payments solution underpinned by robust regulatory licenses," the company stated.
FDCTech said integrating Xoala's regulated payments platform with its Condor Trading Platform and Alchemy Markets' regulated brokerage will allow clients to trade, manage multi-currency accounts, and make global payments from a single platform.
The acquisition is designed to expand FDCTech's fee income streams from foreign exchange spreads, account fees, card issuance, and cross-border transactions, reducing reliance on trading commissions alone.
FDCTech is a regulatory-grade financial technology infrastructure developer serving regulated and over-the-counter brokerages, as well as proprietary and algorithmic trading firms across various asset classes including forex, stocks, commodities, indices, ETFs, precious metals, and other financial instruments.
The letter of intent is non-binding except for certain provisions relating to exclusivity, confidentiality, and governing law. A final binding Share Purchase Agreement is expected within 45 days, subject to due diligence complet
