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FDCTech, Inc. has signed a non-binding Letter of Intent to acquire Steven AB, which operates under the trading name Xoala, marking a strategic move to enter the European payments market through a regulated Electronic Money Institution (EMI) licensed in Sweden.
The deal positions the California-based fintech firm to expand its regulated operations across the European Economic Area and offer integrated trading and payments services from a single platform.
The acquisition price is set at $6.75 million
The acquisition price is set at $6.75 million, which includes both a premium on shares and the Own Funds Capital of Steven AB. According to the proposed structure, FDCTech will acquire 100 percent of the Swedish firm from UK-based Steven FS Limited and pay the total amount in five equal installments of $1.35 million annually between June 2026 and June 2030.
The LOI includes a 45-day exclusivity period, during which FDCTech will conduct due diligence and finalize a definitive Share Purchase Agreement. While non-binding in most respects, the agreement includes binding clauses related to exclusivity, confidentiality, and governing law.
Steven AB is licensed by the Swedish Finansinspektionen and holds EMI authorization under ID No. 48004. Its regulatory status allows it to operate across all EEA member states. The firm offers multi-currency accounts, foreign exchange services, payment acquiring, and both virtual and physical card issuing. According to FDCTech, these services will be integrated with the firm’s Condor Trading Platform and its existing Alchemy Markets brokerage operations, which already operate under regulatory licenses.
“Signing this LOI with Steven AB marks an important step toward our vision of becoming a fully integrated fintech powerhouse,” the company said. “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.”
Xoala supports 26 fiat currencies and 8 major cryptocurrencies, offering instant FX conversion, cross-border payments, and crypto-to-fiat settlement. These capabilities are expected to expand FDCTech’s product portfolio and allow clients to manage trading, payments, and multi-currency accounts from a single user interface.
FDCTech’s strategy centers on acquiring and scaling small to mid-size financial services firms. With this acquisition, the company gains access to high-margin revenue streams tied to FX spreads, account maintenance, card issuance, and cross-border payment services. The firm also aims to reduce reliance on brokerage commissions, building a more diversified and vertically integrated revenue model.
The acquisition of Steven AB follows a broader trend of fintech firms seeking regulatory licenses to expand across borders and integrate front-end trading solutions with back-end payment infrastructure. In this case, FDCTech’s plan combines electronic money services with a trading stack that includes proprietary order routing, brokerage services, and liquidity management.
Doala is authorized in both Sweden and the UK
The Xoala brand, operated by both Steven AB and Swipe International Ltd., is authorized in both Sweden and the UK. Its services are targeted at individuals and businesses requiring global payments, FX management, and regulated digital accounts. The integration with FDCTech will focus on expanding these services to retail and institutional trading clients under a common platform.
FDCTech describes itself as a “regulatory-grade financial technology infrastructure developer” and serves a client base that includes retail brokerages, proprietary trading firms, and algorithmic trading desks across multiple asset classes. These include forex, stocks, commodities, indices, ETFs, and precious metals.
The company believes that combining regulated payments with brokerage capabilities provides a competitive edge, particularly in retail-facing fintech. As other firms face growing regulatory complexity, FDCTech is aiming to build a multi-jurisdictional, vertically integrated platform that can offer users a unified experience for both investing and transacting.
The transaction remains subject to final due diligence, approval of the definitive Share Purchase Agreement, and regulatory review. Until closing, both parties will continue to operate under existing structures.
If completed, the acquisition will allow FDCTech to onboard customers across the EU and EEA under a single license, providing a launchpad for further expansion into the UK and Asia. The company says the integration of Xoala will also allow it to deploy more advanced features such as crypto-enabled accounts, fiat on/off ramps, and B2B payout infrastructure within a compliant regulatory framework.
A final binding agreement is expected within 45 days, with payments scheduled to begin in mid-2026.
