XData Group to go public on Nasdaq via blank check merger
Estonian banking technology provider XData is to go public on the Nasdaq market via a Spac merger with blank-check firm Alpha Star Acquisition Corporation.
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The business combination transaction is valued at $180 million and is set for a public debut in the first half of 2025..
Founded in 2022, XData Group offers services ranging from front-end to back-end app development, custom software creation, UX/UI design, and prototype and MVP testing for online banking, alongngside AI-based tools that streamline KYC checks, compliance processes and fraud detection,
The company has tripled its workforce in 2024 and launched its flagship banking platform, designed to enhance user experience and operational efficiency in online banking.
Headquartered in Tallinn, Estonia, the company has also recently expanded its affiliation to Armenia and Spain.
XData Group will continue to be led by its founder and CEO, Roman Eloshvili, who will oversee the company's further development.
Says Eloshvili: "At XData Group, we are committed to delivering cutting-edge services to as many financial institutions as possible. The deal with Alpha Star represents the next step on our journey. Going public will provide us with the resources needed to accelerate the development of new products, as well as new industry partnerships."
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