Capital.com onboards clients from OvalX (fka ETX Capital), snatches Niamh Byrne from IG
“OvalX, which began life 20 years ago as TradIndex and then ETX Capital, has a long and reputable track record in the UK financial spread-betting and CFD industry. This agreement is an important step towards continuing that legacy.”
Capital.com has entered an agreement with Monecor (London) Limited and Oval Money (Europe) Ltd (OvalX), the high-growth trading platform announced.
Under the terms of the agreement, OvalX will offer some of its existing retail and professional clients the opportunity to transfer their accounts to Capital.com. This will ensure continuity of service for OvalX clients and allow them to continue trading, without disruption.
Formerly known as ETX Capital, the brokerage firm was acquired in 2020 by Guru Capital SA, a private equity firm based in Switzerland. At the time, the financial terms of the deal were not disclosed, but the deal was part of the takeover of the trading name of Monecor (London) Limited.
The rebranding to OvalX was completed in May 2022 and ex-Guru Capital Luca Merolla was appointed chief executive in September 2022. OvalX saw total revenue of £24.2 million in 2021, compared to £31.8 million for the prior year.
“Excited to welcome consenting OvalX clients to Capital.com”
Peter Hetherington, Group Chief Executive Officer, Capital.com, said: “OvalX, which began life 20 years ago as TradIndex and then ETX Capital, has a long and reputable track record in the UK financial spread-betting and CFD industry. This agreement is an important step towards continuing that legacy. Both our companies share the same unwavering commitment to provide our clients with great customer service, a seamless user experience and ample educational resources on a secure trading platform. We are excited to welcome consenting OvalX clients to Capital.com and look forward to supporting them in their trading journeys.”
Luca Merolla, Chief Executive Officer, OvalX, said: “OvalX, previously ETX Capital, has been at the heart of the UK financial spread-betting and CFD industry for many years. We believe that our legacy is in safe hands with Capital.com who are perfectly placed to look after the smooth transfer of clients over the coming weeks. Capital.com’s focus on customer service, education, and product development makes them a great fit for our active trader clients”
Capital.com names Niamh Byrne as Head of UK and Ireland
In addition to ensuring continuity of service for consenting clients of OvalX, this agreement marks Capital.com’s commitment to continue to evolve, scale and grow its business in the UK and EU. To support this initiative and further drive the UK business, Capital.com has recently appointed Niamh Byrne as Head of UK and Ireland.
Niamh Byrne, Head of UK and Ireland, Capital.com, said: “I am thrilled to be joining a great team at Capital.com. The UK and EU are strategically important markets for Capital.com. With this agreement, we will be in a good position to further broaden our portfolio of products and accelerate our development. We are committed to building a best-in-class CFD and spread-betting business to meet the exacting needs of our new and existing clients.”
Niamh has more than 13 years of industry experience within the UK financial services sector. She has held a number of client management roles over the course of her career and was most recently Head of Global [B2B2C] Sales at IG. As Head of UK and Ireland at Capital.com Niamh will be responsible for building strong client relationships and driving overall strategy to ensure optimal client satisfaction and growth.