ETX Capital's Former Chief Executive Officer, Arman Tahmassebi, has moved to Flagstone as Chief Operating Officer. According to the company’s information on LinkedIn, Flagstone enables businesses to offer their clients saving options. Founded in 2015, the London-based firm has more than £11 billion in assets under management and allows clients to maintain multiple cash savings accounts.

Extensive Fintech Experience

Tahmassebi worked for almost three years at ETX Capital, which rebranded to OvalX before closing down. There, he held the roles of Chief Operating Officer and later Chief Executive Officer. He then proceeded to LendInvest, a UK-based fintech firm, as Chief Operating Officer.

Tahmassebi was the Chief Operating Officer at London Capital Group between 2015 and 2016. Additionally, the seasoned executive served as the Managing Director for Europe and South Africa and later Global Head of Operations at IG, where he dedicated more than 14 years.

In 2022, ETX Capital rebranded to OvalX following the integration of services between ETX Capital and its sister fintech firm, Oval. Philip Adler, the then CEO of Oval Money, expressed enthusiasm about this transition, highlighting the company's vision to redefine itself as a modern financial services entity.

The Unraveling of OvalX

OvalX emerged as a strong entity in the financial services arena, with operations in Italy, the United Kingdom, and Cyprus and a workforce of 180 professionals. Despite the rebranding, the core services from both platforms remained intact, aligning with the company's commitment to customer satisfaction and service excellence.

Besides rebranding rebranding, ETX Capital announced plans to expand its global footprint by acquiring a new license from the South African financial market regulator. This move was aimed at positioning OvalX to tap into the fast-growing African markets.

However, OvalX permanently ended its operations last year. The firm offered its clients the option to transfer their accounts to Capital.com to maintain continuity of service. Additionally, layoffs within the organization hinted at deeper underlying issues plaguing the once-respected brokerage firm before it collapsed.