Damex has sold its retail arm to Ziglu, a UK-based fintech company, allowing Ziglu to expand its European presence.  

A statement from Damex follows below:  

Damex has announced the sale of its retail division to Ziglu, a UK-based crypto and investment fintech company. Sam Buxton, CEO of Damex, expressed optimism about the transition, commending Ziglu’s leadership team, including Mark Hipperson, the ex-Starling Bank founder, and Sarah King, Damex’s former Chief People Officer, who played a crucial role in the deal. 

As part of the acquisition, Caroline Cerisola, Damex’s Managing Director of Retail, will join Ziglu to help drive expansion in the EU and Gibraltar. Damex Token will also be integrated into the Ziglu app with tailored utility features. 

Buxton acknowledged that the retail sector had been challenging for Damex, but noted that the sale allows the company to focus on its core B2B services, which include OTC trading and corporate IBAN issuance, leveraging their regulatory permissions in Gibraltar, the Isle of Man, and Lithuania. The deal reflects a strategic shift towards Damex's strengths in digital assets and fiat services for businesses, while ensuring a positive outcome for retail customers and shareholders.