ETX acquirer Guru Capital snaps up fintech start-up Oval Money
Guru Capital, a Swiss private equity firm, has acquired Oval Money, a fintech start-up headquartered in the UK and Italy.
The deal, the value of which is undisclosed, will see Guru Capital integrate Oval into ETX Capital, or ‘Monecor’ – the UK-regulated online trading platform it bought in April.
Launched in 2017, Oval’s mobile app claims more than 100,000 “active” users
ETX specialises in spread betting and contract for differences (CFDs). It’s also licensed in Cyprus, which means it can passport its services throughout the European Union.
As well as buying Oval, Guru Capital is “in the process” of buying Oval’s Spanish regulated investment subsidiary, Oval Marketplace.
Launched in 2017, Oval’s mobile app claims more than 100,000 “active” users. It helps them save and invest through its marketplace of financial products, using artificial intelligence (AI) to set up automatic transfers.
The deal intends to merge savings habits and investment goals with trading in the financial markets. All these products will be offered through a single mobile app.
These acquisitions support ETX’s and Oval’s shared “mission” of making a wide range of financial services accessible and affordable.
Guru Capital intends to continue pursuing additional merger and acquisition deals in the EU and UK. The plan being to further increase ETX’s market share in Europe.
Luca Merolla and Ryan Nettles, both Guru Capital partners, are non-executive directors to the board of directors of Monecor – or ETX.
Founded back in 1965, ETX claims to offer access to more than 5,000 markets. They cover stocks, indices, commodities, forex and cryptocurrencies.
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