FNG Exclusive… FNG has learned that another former CFH Group executive has taken leave of Finalto, ahead of Finalto’s upcoming sale to an investor group led by Israeli businessman Zvika Barenboim.

Troels Madsen, who was CTO of CFH Clearing (and later TradeTech Holdings which became Finalto) since 2010 has resigned his position at the company. The Copenhagen based Mr. Madsen oversaw IT development and the operations team for CFH. CFH was acquired by online gaming firm Playtech plc (LON:PTEC) in 2016 for $120 million, becoming the base of Playtech’s Financials division which it eventually rebranded as Finalto. Playtech agreed earlier this year to sell Finalto for $101 million.

Troels Madsen was one of the last remaining senior executives whom CFH co-founders Lars Holst and Christian Frahm had brought with them to CFH from Saxo Bank. Mr. Madsen spent 10 years at Saxo Bank, from 1999-2009, as Chief Solution Architect, before (re-) joining Mr. Holst and Mr. Frahm at CFH. Lars Holst now runs London based regulated cryptocurrency exchange GCEX, while Christian Frahm founded United Fintech which is busy acquiring and integrating fintech startups. Each has been on a hiring spree recently, with many of the new hires coming from previous associations with both at CFH/Finalto or Saxo Bank.

Other recent departures from CFH/Finalto include Emil Kongelys (now CTO of Muinmos), Sadek Baksh (GMG Markets), Marc Levin (United Fintech), and Søren Bjerregaard (GCEX).