ETX-Parent Guru Capital to Acquire UK Fintech Oval Money
- The companies did not reveal the finances involved in the deal.
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 the UK-based Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and CFDs broker, ETX Capital, which Guru Capital bought last year. The new subsidiary will be integrated into ETX Capital.
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 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 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 Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term and tracking spending as well as trading in the financial markets through a single mobile app.
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 the UK-based Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and CFDs broker, ETX Capital, which Guru Capital bought last year. The new subsidiary will be integrated into ETX Capital.
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 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 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 Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term and tracking spending as well as trading in the financial markets through a single mobile app.