Oval Money will be acquired by and integrated into the UK based online CFD Broker ETX Capital
Guru Capital, the private equity firm based in Switzerland, confirmed on Friday that it has acquired substantially all the assets of UK based Fintech company Oval Money.
Oval Money will be acquired by and integrated into the UK based online CFD Broker ETX Capital, a Guru Capital portfolio company.
Guru Capital is also in the process of negotiating the purchase by an associated fund of 100% of the shares of Oval Money’s Spanish regulated investment firm subsidiary, Oval Marketplace A.V., S.L.
The company said via a statement that its acquisitions support ETX’s and Oval’s shared mission of bringing a wide range of financial services and products to the market in an affordable way.
“The combination will help accelerate business growth and client engagement by supporting clients in setting smart rules for defining their savings habits and investment goals, making payments, and tracking spending as well as trading in the financial markets through a single mobile app,” Guru Capital said.
Oval operates a mobile app that has over 100,000 active users, helping them to save and invest through their marketplace of financial products, while ETX is an online CFD and Financial Spread Betting brokers providing online trading services primarily to UK and European clients.