Swiss private equity firm Guru Capital has agreed to acquire substantially all assets of UK-based fintech company Oval Money.
The financial terms were not divulged.
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As agreed, Oval will be integrated into the UK-based online CFD Broker ETX Capital, a Guru Capital portfolio company.
Launched in 2017, Oval helps users to save and invest through their marketplace of financial products.
The Oval app is said to have more than 100,000 active users.
On the other hand, ETX is an online CFD and Financial Spread Betting broker offering online trading services primarily to the UK and European clients.
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By GlobalDataThe combination will widen the range of financial services and products as well as boost business growth.
In a blog post, Oval Money said: “Over the past 4 years, we have pursued our mission of fostering financial education and market access through our app, and this acquisition fully supports ETX and Oval’s shared vision of increasingly expanding the range of accessible services and financial products that are within everyone’s reach.
“A great opportunity, which will allow the Oval app and service to broaden to include new types of investments, such as ETFs, single stocks, cryptocurrencies and much more. We will continue to involve our community to select the best products that allow everyone to build their own path towards better financial management.”
