Switzerland based fintech investment firm Guru Capital SA has announced that an agreement has been reached for the acquisition of substantially all the assets of UK based Fintech company Oval Money Ltd. Oval will be acquired by and integrated into the UK based online CFD Broker ETX Capital, a Guru Capital portfolio company.
In addition, Guru Capital said that it is in the process of negotiating the acquisition by an associated fund of 100% of the shares of Oval Money Ltd’s Spanish regulated investment firm subsidiary, Oval Marketplace A.V., S.L.
Launched in 2017, Oval operates a very successful mobile app that has over 100,000 active users, helping them to save and invest through their marketplace of financial products, automatically and on a recurring basis.
Oval was created and is run by former Uber Italy CEO Benedetta Arese Lucini, former CEO of Uber Italy, alongside Claudio Bedino and Edoardo Benedetto, co-founders of do-it-yourself crowdfunding platform Starteed.com, and AI expert Simone Marzola.
The company said that these acquisitions support ETX’s and Oval’s shared mission of making a wide range of financial services and products accessible and affordable to everyone. The combination will help accelerate business growth and client engagement by supporting clients in setting smart rules for defining their savings habits and investment goals, making payments, and tracking spending as well as trading in the financial markets through a single mobile app.