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Nasdaq Listing and Alpha Star SPAC
XData Group, a B2B software company focused on digital solutions for the banking sector, has announced a definitive agreement to merge with Alpha Star Acquisition Corporation, a U.S.-listed special purpose acquisition company. The deal, valued at $180 million, paves the way for XData to go public on the Nasdaq stock exchange in the first half of 2025.
The boards of directors for both XData Group and Alpha Star have unanimously approved the agreement. Once the transaction is complete, XData will operate under a new Cayman Islands entity created by Alpha Star for the purpose of the listing.
The merger marks a significant step for the Estonia-based firm, offering broader visibility, access to new capital, and a more scalable platform for future growth. The move comes amid renewed interest in SPAC transactions as a pathway for fast-growing tech companies to enter public markets without the volatility of traditional IPO processes.
From Regional Startup to International Fintech Provider
Founded in 2022, XData Group has established itself as a fast-growing provider of software infrastructure to banks and other financial institutions. While headquartered in Tallinn, the company has expanded its operational presence to Armenia and Spain, two markets aligned with its focus on emerging tech hubs and cross-border service delivery.
In 2024, XData tripled the size of its workforce, driven by demand for digital tools that enhance banking user experience and operational resilience. The company’s flagship online banking platform was launched during the same period, offering features designed to improve efficiency and end-user satisfaction.
The firm's expansion strategy emphasizes building long-term partnerships with financial institutions across Europe, with a focus on modular, AI-enhanced tools that integrate into existing systems. With a Nasdaq listing on the horizon, XData is now preparing to broaden its client base and accelerate its product roadmap.
Focused on Compliance, Security, and Efficiency
One of XData’s core offerings is its compliance and anti-money laundering (AML) suite, which is built around advanced artificial intelligence. These tools allow banks to automate KYC procedures, monitor transactions, and flag suspicious behavior more accurately — while maintaining alignment with regulatory frameworks across multiple jurisdictions.
This security-first orientation has helped XData differentiate itself in a competitive fintech environment, where financial institutions increasingly seek partners who combine agility with rigorous oversight.
In addition to AML and compliance features, XData’s solutions also support payment integration, customer onboarding, digital identity verification, and modular back-office management. The company's approach is centered on reducing friction for both banks and end-users while ensuring traceability and data integrity.
SPAC Strategy and Market Implications
The decision to pursue a public listing via a SPAC transaction aligns with a broader trend among fintechs seeking capital while minimizing exposure to IPO market volatility. For companies like XData, the SPAC route offers greater speed, fixed valuation terms, and a structured path to listing.
Alpha Star Acquisition Corporation, the SPAC partner in this case, has signaled ongoing interest in supporting high-growth companies in the technology and financial services sectors. The proposed merger underscores that strategy and provides a launchpad for XData’s future public market participation.
While SPAC activity has fluctuated in recent quarters, this transaction reflects cautious optimism returning to the market — particularly for firms with steady growth, clear revenue models, and relevant sector exposure.
Post-Listing Plans and Leadership Continuity
Following the listing, XData Group will continue to operate under its current leadership. Founder and CEO Roman Eloshvili will remain at the helm, overseeing the company’s expansion strategy and product development initiatives. The firm has indicated that it plans to use the proceeds from the public market listing to invest in new technology, hire across strategic areas, and deepen its presence in European markets.
Additionally, the company aims to strengthen partnerships with regional banks, fintechs, and other digital-first service providers. By scaling operations post-listing, XData intends to increase its role in powering core banking infrastructure across multiple jurisdictions.
As it transitions to public company status, XData will face heightened visibility and investor scrutiny, but also gain access to a broader base of institutional and retail capital. The company’s stated goal is to continue expanding without compromising its core commitment to security, compliance, and efficiency.
Outlook
XData Group’s planned Nasdaq debut through a $180 million SPAC merger represents a pivotal moment for the company — and a potentially strong signal for Europe’s fintech ecosystem. With its foundation in digital banking infrastructure and a sharp focus on compliance-driven innovation, XData joins a small but growing group of regional technology providers entering U.S. public markets.
If the transaction proceeds on schedule, XData will become one of the few fintech software firms from the Baltics to list on Nasdaq. More broadly, the move reflects how fintech companies with real traction and strategic partnerships are finding viable paths to scale, even in an evolving capital environment.
