ETX Capital completes brand integration with OvalX
ETX Capital, a London-based financial spread-betting and contracts-for-difference provider, is now OvalX. The URL will now redirect visitors to the OvalX’s website.
The development comes nearly three months after Oval said it had completed the integration with ETX Capital. The combined firm promises to soon implement new features and recruit more talents to help the brand shift from a start-up to a substantial industry presence.
Oval will benefit from ETX Capital’s experience in financial markets to offer new services that are “effective and personalized” to customers’ savings and investment needs.
Oval operates a successful mobile app that has over 100,000 active users, helping them save and invest through their marketplace of financial products, automatically and on a recurring basis. The multi-regulated brand was formed in 2017 and is based in London, United Kingdom.
ETX Capital shared the following statement on its Linkedin profile:
“Having delivered trustworthy service our customers can rely on for decades, we’ve made sure any changes we introduce don’t affect the services our customers you know and love. As the next step in our evolution, we’ve changed our name to OvalX. We’ll look a little different, but you can still expect the same premium, personalised customer experience, plus the same access to over 5,000 markets.
“But now we’re combining with someone to push us to the next level through technology and innovation. We’re creating something new – OvalX. OvalX combines ETX’s experience with Oval technology. It’s the next step as we move into the future.”
Operating since 2002, ETX Capital is no newcomer to the FX industry as its parent company, Monecor Ltd, was initially incorporated in 1965. ETX, which stands for electronic trading, telephone trading, and execution services, has been on the expansion trail since 2010 when it launched businesses in Germany and South Africa. In 2013, it expanded its international operations, snapping up the local offices of a filed spread better in Greece, Spain and Denmark.
ETX Capital was acquired in 2020by 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.
Guru Capital bought ETX Capital from UK-based JRJ Group, which in 2007 established a joint venture with the Dutch BXR Group to acquire the broker that was formerly known as TradIndex.