FX week in review: Nextmarkets rescued, NAGA $8M raise, OvalX execs find new homes
This week’s FX and CFD industry news was headlined by two brokers related by a common investor, Christian Angermayer’s Apeiron, with both those brokers raising money but with somewhat different circumstances at play.
We also saw a number of former OvalX executives finding new homes in and around the sector. (And, a bunch of other execs “changing teams”).
And it was all reported exclusively here at FNG.
Some of the most read and commented-on FX industry news stories to appear over the past seven days on FNG included:
Exclusive: Nextmarkets gets lifeline from Apeiron. FNG Exclusive… FNG has learned that Cologne, Germany based neobroker Nextmarkets has reached an agreement with Apeiron Investment Group for a new funding round, which will finance the organic growth of the business and a series of acquisitions. The news comes just a few weeks after two other large shareholders of Nextmarkets, fintech investment firm FinLab (34.36% holding) and crypto tech investor Samara Asset Group (37.68%) indicated that Nextmarkets was going to be liquidated, as was also exclusively reported at the end of March here at FNG.
Exclusive: NAGA Group to raise $8.2 million in convertible bond offering. FNG Exclusive… FNG had learned via regulatory filings made in Germany that Retail FX and CFDs brokerage firm Naga Group AG (ETR:N4G) is planning to raise USD $8.2 million in new capital in the coming days, via a private offering of convertible bonds. NAGA apparently already has a subscription commitment from a major investor. We expect the company to make a formal announcement shortly.
FX/CFD brokers and Sports Sponsorships: Conversation with Axi and Man City. FNG Exclusive Interview… Many of the world’s leading Retail FX and CFD brokers continue to utilize sports sponsorships as a key pillar of their global branding efforts. Deals have varied from shirt sponsorships with Tier-1 European football clubs, to backing local athletes. In helping explain the perspective of both the broker and the sports team, FNG is pleased to present the following conversation with Hannah Hill, Head of Brand and Sponsorship at Axi alongside Tom Boyle, VP Global Partnerships Marketing and Operations at Premier League club Manchester City. Axi is, of course, official online trading partner of Man City.
CFI named as Official Brokerage Partner of the Jordan Football Association. CFI Jordan, a wholly-owned subsidiary of leading global trading provider CFI Financial Group, has announced an official partnership with the Jordan Football Association (JFA). As per the agreement, CFI Jordan will serve as the association’s exclusive and official brokerage partner. As part of the partnership, the Jordan Cup league shall be rebranded as the Jordan Cup CFI, with the Group endeavoring to fortify its backing of the sports activities in the region.
Top FX industry executive moves reported at FNG this week included:
❑ Exclusive: Isabella Mannucci joins Trade Nation for Senior Partner Sales.
❑ Exclusive: ATFX UK hires Swissquote exec Gonzalo Canete as Chief Market Strategist.
❑ Coinbase exec Ivan Wong joins Spotex as APAC sales head.
❑ Exclusive: OvalX HNW exec Tony Adams joins Intertrader parent Alvar.
❑ Exclusive: Rostro Group promotes Saul Knapp to COO.
❑ Exclusive: Ella Hacer Gumus rejoins Trade Nation (after OvalX) as Affiliate Marketing Manager.
❑ Exclusive: Doron Rozenberg leaves Binance for EU marketing role at Trive.
❑ Exclusive: Seeking Alpha hires RankAbove founder Mayer Reich as VP Marketing.