FNG Exclusive… FNG has learned that Nandik Barbhaiya has left his position as CMO of London based, FCA regulated CFDs broker ETX Capital.

Nandik Barbhaiya was one of the very first outside hires made a year ago by ETX, as was also exclusively reported at the time by FNG, following the company’s acquisition by Switzerland based fintech investor Guru Capital SA. His arrival led to the departure of ETX’s incumbent senior marketing officer Aline Ungewiss, who moved to MillTechFX, a new multibank FX marketplace backed by Sir Ronald Cohen. Nandik Barbhaiya came in with a fairly impressive resume in Retail FX, having served as Global Head of Marketing at FXTM until 2019, before spending some time at financial lead generation company Finixio. He has also previously worked in marketing at OANDA.

However we understand that the senior management and ownership group was not pleased with the progress made so far under Mr. Barbhaiya’s direction, and has opted to make a change.

ETX Capital has also been pivoting to a “neobank” strategy, combining its core Retail FX and CFD brokerage services with cash management and investing services following the company’s acquisition earlier this year of Italy based money saving and management app Oval Money. We believe that this is one of the reasons that ETX has replaced Mr. Barbhaiya as CMO with Claudio Bedino, one of the co-founders at Oval who also served as Oval’s COO and CMO.