ETX Capital acquired by ex Swissquote exec’s fund
ETX Capital has a new home.
The FCA-licensed broker has been acquired by Guru Capital SA, the one-year-old fintech investment fund put together by former Swissquote executives Ryan Nettles and Luca Merolla.

Ryan Nettles in particular was responsible in large part for the success of Swissquote’s retail forex (or what it calls eForex) business, acting as Swissquote’s Director and Head of FX Trading & Market Strategy for nearly a decade before leaving the Gland, Switzerland based broker to set out on his own with Guru Capital in mid 2019. He oversaw the $70 million acquisition of Neuchatel based MIG Bank in 2013, bringing together two of Switzerland’s three largest retail forex operations. (Dukacopy being the third). Mr. Nettles also spent a lot of time and energy over the ensuing years overseeing the successful integration of MIG Bank into Swissquote’s eForex unit.
So it isn’t surprising that Guru’s first major investment / acquisition is that of a retail forex broker.
ETX Capital, the operating name of FCA-licensed Monecor (London) Limited, did £32.2 million (USD $40 million) in Revenue in 2018 with profit coming in at £1.9 million, both figures fairly flat as compared to the previous year. The company has yet to report 2019 results.
Terms of the transaction weren’t disclosed. The transaction is still subject to regulatory approval and is expected to close by the end of the year.
Guru said in a statement that the acquisition of ETX Capital enables it to immediately gain significant market share in the highly competitive UK market. Guru stated that ETX Capital has built a best-in-class CFD business and it intends to further expand and grow the brand alongside the company’s talented employees.
Interestingly, but probably unrelated to the Guru deal, on the same day that the acquisition was announced the FCA issued a warning about a clone site of ETX Capital, at capitaletx.com. The clone firm site only lists US and Canada telephone numbers (while managing to misspell “CAnada”). Clones sites of successful and duly licensed brokers is becoming an increasing reality and problem for regulators in several jurisdictions around the world.
June 2, 2020 @ 6:53 pm
ETX has kind of fallen off the radar in the UK. Don’t know why. This could be a really good buy if they picked it up cheap
June 2, 2020 @ 6:56 pm
how exactly do you get something done like this during covid19?