Estonian banking technology provider XData is set to debut on the Nasdaq stock exchange through a merger with the special purpose acquisition company (SPAC) Alpha Star Acquisition Corporation. The transaction values the business at $180 million and is expected to finalize in the first half of 2025.
Founded in 2022, XData Group specializes in a wide array of services, including front-end and back-end application development, custom software solutions, UX/UI design, and prototype and MVP testing for online banking. The company utilizes AI-driven tools to enhance KYC verification, compliance processes, and fraud detection.
In 2024, XData Group significantly expanded its workforce and launched its flagship banking platform, which aims to improve user experience and operational efficiency in online banking. Headquartered in Tallinn, Estonia, the company has recently broadened its reach to include affiliations in Armenia and Spain.
XData Group will remain under the leadership of its founder and CEO, Roman Eloshvili, who is dedicated to overseeing the company’s growth and development. “At XData Group, we aim to provide innovative services to a diverse range of financial institutions. Our collaboration with Alpha Star marks a pivotal moment in our journey. Going public will enable us to accelerate product development and forge new industry partnerships,” states Eloshvili.