Exclusive: ETX Capital rebrands as OvalX
FNG Exclusive… FNG has learned that one of the longest serving brands in the online trading industry is no more, with ETX Capital rebranding over the weekend to become OvalX.
Visitors to etxcapital.com are now redirected to the broker’s new website, ovalx.com.
The company has also raised an additional £4.1 million (USD $5.2 million) in capital from its shareholders, led by Switzerland based Guru Capital SA. Guru and its partners have injected more than £8.5 million in additional capital into ETX/OvalX since mid 2021.
We had reported back in November that London based, FCA and CySEC regulated ETX was planning to integrate its brand with Oval, an Italy based savings app the group acquired about a year ago. At the time the companies said that they plan to form a unique brand, focused on financial innovation and inclusion, and this seems to be the next step in that direction.
The brand integration follows work at both entities integrating their back offices and operations, to allow clients of each entity to more seamlessly make avail of the products offered by both providers – the savings and investing app-based Oval, and the online trading focused (FX, CFDs) offer of ETX Capital, now OvalX.
There has also been some “integration” at the management level, with Oval co-founder Claudio Bedino taking over as CMO of both brands.
OvalX operator Monecor (London) Limited was acquired by Swiss fintech investor Guru Capital SA in 2020. The company has offices in the UK, Cyprus, and Italy. OvalX posted the following note about its rebranding on its social media channel:
Having delivered trustworthy service our customers can rely on for decades, we’ve made sure any changes we introduce don’t affect the services our customers you know and love. As the next step in our evolution, we’ve changed our name to OvalX.
We’ll look a little different, but you can still expect the same premium, personalised customer experience, plus the same access to over 5,000 markets.
But now we’re combining with someone to push us to the next level through technology and innovation. We’re creating something new – OvalX.
OvalX combines ETX’s experience with Oval technology. It’s the next step as we move into the future.