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The idea that fintech success must be local first, global later has started to erode. Today, scale is a design principle—not a reward. And for companies like XData Group, going public through a U.S.-listed SPAC isn’t a leap of faith—it’s a calculated move to plug into the global financial system on their own terms.
Founded in 2022, XData Group is part of a new generation of B2B software firms building specialized tools for the banking sector. From its base in Estonia, it has expanded into Armenia and Spain, leaning into the fast-growing demand for compliance-first, AI-powered infrastructure that doesn’t just serve banks—it secures them.
But this story isn’t only about one company. It’s about a broader question: What does it take for a regional fintech to break into global capital markets—and stay there?
To explore this, we spoke with two people on either side of the transaction:
🔹 Roman Eloshvili, CEO of XData Group, who offers a founder’s view on the operational, legal, and strategic trade-offs of going public via SPAC.
🔹 Dr. Zhe Zhang, Chairman & CEO of Alpha Star Acquisition Corporation, who shares the investor’s rationale and the structural logic behind the deal.
Their perspectives illuminate the complexity and opportunity baked into this moment. For some, SPACs still carry the baggage of speculative exuberance. But for serious, sector-focused firms with execution discipline, the model can offer speed, predictability, and a capital bridge that aligns with long-term goals.
In Europe—especially in emerging tech hubs like the Baltics—the implications are bigger than one listing. XData’s public debut may mark the start of a new pattern: one where going global doesn’t require leaving regional DNA behind, just adapting it for a wider stage.
Dive into the interviews below.
Roman Eloshvili, CEO of XData Group
1. SPAC transactions have regained some traction in 2024–2025, but selectivity has increased. From your vantage point, how does this path enable European technology firms to scale into U.S. capital markets more efficiently than a traditional IPO?
Compared to a typical IPO, SPACs can indeed be a very efficient way to go. One of the biggest advantages to talk about here is speed: the execution window for a SPAC deal is much shorter — up to two times faster than a standard IPO in some cases, giving founders more control and confidence over the whole process.
Another major benefit is that SPACs allow for front-loaded valuation and capital formation. You go into the transaction with a clear understanding of how the company will be valued and how much capital you are going to raise, which is incredibly helpful if you're making plans for long-term growth and expansion. The tech sector, in particular, is very active, so this kind of clarity and predictability is extremely valuable for a tech company aiming to scale fast.
So yes, if you are a serious business with a solid foundation and global ambitions, a SPAC deal can be a smart, strategic play for you.
2. Listing through a U.S. SPAC requires navigating multiple legal, jurisdictional, and timing complexities. What were the most significant structural or regulatory steps required to align a European operation with U.S. listing standards?
Listing through a U.S. SPAC certainly comes with a considerable learning curve, especially when you’re a European company. There are quite a few steps that need to be handled carefully and thoroughly.
One of the biggest tasks for us was converting and re-auditing our last three years of financials to meet PCAOB standards. That’s a pretty detailed process, and it requires a lot of time, as well as a high level of accuracy and transparency. A tall request, to be certain, but also a necessary one, if we wish to build trust with U.S. investors.
Another major step was filing a Form F-4, which is required for non-U.S. SPAC merger issuers like us. It’s a SEC registration statement that outlines business and financial information, the deal’s terms, risk factors, and so on. It takes time to prepare everything, since you need to coordinate across legal, financial, and operational teams, but it’s a key part of getting everything aligned with SEC requirements - which you obviously need to do when trying to enter the U.S. capital space.
All in all, while the legal and compliance requirements are significant, they are manageable if you approach them seriously and with a solid team. And if you are serious about scaling globally, the whole process is well worth it for the opportunities it unlocks.
3. Nasdaq brings international visibility — but also institutional expectations. How does your roadmap evolve under public market discipline, and how are you aligning your operational model to meet those investor frameworks?
Being listed on Nasdaq definitely opens up new opportunities, but it also comes with higher expectations. We see that as a good kind of challenge — it pushes us to be more structured and transparent in everything we do.
In terms of the roadmap, we’ve shifted our approach. Instead of working toward big goals over long periods, we will now be breaking them down into smaller, more manageable targets across monthly or quarterly periods. That should help us stay focused and show clear progress.
Another key change is that we now tie results directly to value. Every initiative or product launch has to show how it’s going to impact the business as a whole. There needs to be a clear link between the money and effort we put into something and what we expect to get out of it.
As for our operational model, we’ve made a number of notable adjustments to better align with what institutional investors wish to see. We will establish a board of directors with three independent members upon listing, allowing for stronger governance as well as bringing diverse experience and perspective.
At the same time — and in connection to the previous point about roadmaps — our team has also adopted a quarterly reporting system and increased the focus on transparency. This makes for a more disciplined environment, with greater visibility into our key metrics and tighter control over the business overall.
It is my honest opinion that these changes are going to help us mature as a company going forward.
4. With limited precedent for Baltic fintech firms listing on major U.S. exchanges, do you see this transaction as a signal for a new wave of tech companies from the region accessing global capital?
If anything, I think our listing is part of a much bigger picture that’s been unfolding in the region for a while now. Estonia has a long-standing reputation for producing successful tech companies, and that trend is not slowing down. Many businesses launched here start out from the get-go with the intention of going international.
So, in that sense, our listing isn’t an outlier — it’s a natural next step in a transformation that’s already underway. Baltic and Central European startups are reaching a level of maturity where accessing global capital makes sense. There’s a growing pipeline of high-quality startups making it to the later stages of growth. It shows that companies from this region not only have the innovation and talent but also the ambition and maturity to compete on the global stage.
The FinTech, AI, and energy sectors, in particular, hold a lot of potential, and I believe we’re going to see much more sustained investor interest in them in the future. In fact, more cases like XData would be just the right thing to give investors more confidence in this region, speeding the whole process up even further. Looking ahead, I won’t be at all surprised if CEE ends up leading Europe’s next wave of tech innovation, and we’re happy to be part of it.
Dr. Zhe Zhang, Chairman & CEO of Alpha Star Acquisition Corporation
1. Amid a reset in SPAC deal quality and investor scrutiny, what made XData Group stand out as a candidate ready for the public market — particularly from a U.S. listing perspective?
Alpha Star’s focus is to support companies, particularly in the technology and financial sectors, that demonstrate a commitment to innovation and have the potential for substantial growth domestically and internationally. XData Group clearly met those criteria.
Its suite of cutting-edge products, including its AI-powered solution to improve user efficiency and efficiency in online banking, has driven a doubling of revenue and tripling of staff year-on-year. It has also expanded its operations from Estonia into Armenia and Spain, with the potential to enter additional markets.
Nasdaq is one of the most tech-heavy stock indexes globally with a proven track record of supporting emerging companies in the sector, making it an ideal place to list XData Group.
2. This transaction involves a European fintech scaling into a U.S. market structure. What are the critical deal components that needed to be addressed to ensure cross-border compatibility and capital markets confidence?
As for any cross-border SPAC, Alpha Star and XData Group had to work diligently to satisfy legal, tax and regulatory requirements including anti-inversion rules, compliant accounting, and corporate governance regulations.
We are grateful to the SEC and Nasdaq for their assistance navigating the process and it was helpful that Estonia’s Nasdaq Tallinn index is part of Nasdaq’s global network of stock markets.
Of course, XData Group also develops products that provide industry-leading support on international compliance and regulatory issues, so has considerable expertise in these areas.
3. Institutional capital is increasingly focused on post-merger sustainability. How have you approached the transition planning to support long-term performance after de-SPACing?
XData Group’s impressive performance provides strong grounds for investor confidence, with its revenue in 2025 predicted to be four times greater than recorded in 2023.
Its expansion into Armenia and Spain demonstrates not only XData Group’s ambitions but also the growing popularity of its products among customers.
Alpha Star is confident that XData Group is well-positioned to extend into further markets and that the anticipated listing on the Nasdaq later this year will support that ambition.
4. Beyond this individual deal, do you see SPACs still playing a structurally useful role in global tech listings — or are we now entering a more niche, sector-focused phase of their evolution?
There has been a general resurgence of SPACs on the Nasdaq over the past 18 months underlining how they can provide a powerful vehicle for nurturing start-ups and smaller companies.
They aren’t suitable for every business, but they are efficient and effective for firms like XData Group that are growing fast and require both capital and broader expertise to maintain momentum.
Alpha Star primarily focuses on tech and finance, and we anticipate that more SPACs will concentrate on a specific sector or a small cluster. Given the rapid growth in global tech, especially the application of AI where spending is forecast to soar by 29% CAGR from 2024 to 2028, SPACs will continue to play an important role in realizing the potential of innovative, disruptive businesses.
