Guru Capital completes acquisition of ETX Cyprus
After successfully acquiring UK based, FCA regulated Monecor (London) Limited – which operates the ETX Capital brand in the UK – in October 2020, Swiss private equity firm Guru Capital has announced that it has now completed the acquisition of its sister company, Cyprus based Monecor (Europe) Ltd, after receiving approval from regulator CySEC.
ETX Capital is one of the UK’s leading online CFD and spread betting companies, and as such, their target market has predominantly been the UK until now. With the change in ownership, the group said that its vision for ETX Capital is expansion, growth, and new markets. Their sights are apparently set on Europe and cementing the ETX brand throughout the region.
The company said that it is an exciting time for the firm, with hiring ramped up, and big plans on the horizon across the entire business.
ETX Capital CEO Philip Adler had this to say on the company’s plans for Europe,
“I am delighted that Guru Capital is now the owner of our Cypriot sister company. ETX has a long tradition of offering best in class service to our UK clients and we are looking forward to ETX Cyprus picking up that baton and being at the heart of ETX’s European expansion.”
Ryan Nettles, Managing Partner at Guru Capital, commented,
“The ETX platform offers a very compelling opportunity for European traders due to its user-friendly functionality and multi-asset offering with over 5,000 tradeable instruments.”
ETX Cyprus will be the European HQ for the group, with the company only weeks away from onboarding European clients through the new entity.