CFH changes name to Finalto in line with TradeTech Group’s rebranding
CFH has now been rebranded to Finalto in line with other divisions of the TradeTech Group. Will this now be sold in its entirety to an Israeli consortium?
Following TradeTech Group’s rebranding to Finalto, CFH has now also come under the Finalto banner.
CFH today stated that the name Finalto has been carefully selected as we believe it describes the firm’s vision of the business.
CFH also states that this move reflects the first step in the group’s move toward full integration and assimilation of the different companies that make up the group.
Just a week ago, FinanceFeeds reported that Playtech, which owns TradeTech Group has confirmed that it has been approached by a potential buyer for its Finalto division.
The business, which has been up for sale for some time, provides liquidity, clearing, technology and associated support services for FX and margin trading brokers.
The potential buyers are a consortium of Israeli businesses, including two insurance companies, including Phoenix Insurance, based in Givatayim which is one of Israel’s largest insurers, Leumi Partners Ltd which is the VC division of Bank Leumi, Israel’s longest established and largest bank.
Playtech built Finalto, formerly known as Tradetech, through acquisition, hoping to replicate the success it had had in the world of online gambling.
Yet it never really looked or felt like a comfortable owner of a financial service business albeit one that is mainly in the B2B space. Although Finalto does contain a consumer-facing operation in the form of Markets.com.
In a trading update issued two weeks ago, Playtech said that Finalto had had a very strong 2020 driven by exceptional performance in the first half of the year followed by challenging second half.
With regard to the rebranding of CFH to Finalto, CEO Ron Hoffman stated: “TradeTech Group has evolved and grown over the years through a series of acquisitions that have made us what we are today – a global leader in financial services, including risk management, liquidity, trading, investing and technology as a service.
“First came Markets.com – our B2C trading platform with a long pedigree that became part of the business in 2015. After this we added CFH and then Alpha, vastly broadening our financial and geographic offering in the B2B space, and in the process bringing together three very distinct but equally impressive businesses under one roof” said Mr Hoffman.
“Each business was selected for its culture, growth profile and leadership and over the last two years we have really started to see some exciting changes start to take place as the companies began to work more closely together. Almost two years ago we opened our Group headquarters in London, finally bringing the three pillars of our business together physically under one roof. And now with the rebrand complete we are excited to launch Finalto to the world” concluded Mr Hoffman.
