ETX-Parent Guru Capital to Acquire UK Fintech Oval Money

Swiss private equity firm, Guru Capital announced on Friday that it has entered into an agreement to acquire ‘substantially all the assets’ of United Kingdom-based fintech Oval Money Ltd. 

The purchase will be made directly by UK-based forex and CFDs broker ETX Capital, which Guru Capital bought last year. The new subsidiary will be integrated into ETX Capital.

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Oval was launched in 2017, offering savings and investment options with a reducing model through a marketplace of financial products. Similar to many emerging fintech, Oval is mobile-based and has more than 100,000 active users.

The press release shared with Finance Magnates further detailed that the Swiss company is negotiating to acquire all of the shares of Oval Money Ltd’s Spanish regulated investment firm subsidiary, Oval Marketplace A.V., S.L. using an associated fund.

“These acquisitions support ETX’s and Oval’s shared mission of making a wide range of financial services and products accessible and affordable to everyone,” the company stated in the announcement.

Tapping into Other Markets

Guru Capital, which provides advisory services to investment funds on strategic investment opportunities within the financial services industry, has expanded its reach in the spread betting and contracts-for-difference market with ETX acquisition. Earlier this year, the Swiss company also closed the acquisition of the Cyprus-licensed entity of ETX.

Now, with the Oval acquisition, Guru is optimistic that the combined business of its two subsidiaries will help accelerate business growth and client engagement. It specified that the move will support 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.

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