Rostro completes Scope Markets acquisition, eyes MENA/APAC expansion
Rostro Financials Group has announced that following last year’s acquisition of Retail FX broker Scope Markets, the change of control process has now been completed.
As a result, the Rostro Group management team has from 7 January 2023 assumed control of the combined businesses, inclusive of licensed entities in Cyprus, Kenya, South Africa, and Belize, alongside the main operating hub based in Cyprus. The newly acquired licenses complement those held in Mauritius and Seychelles.
The new ownership group said that Scope Markets is additionally evaluating further expansion into MENA and the wider Asian regions in 2023, and has engaged 3rd parties to progress these strategic initiatives.
Rostro Group added that it intends to continue with the organic growth of the enlarged business and remains open to further acquisitions to help meet the stated corporate vision of being the world’s #1 diversified financial services group, servicing retail and institutional customers across the globe.
Rostro Financial was founded in 2020 by former ACM/TradeTech (now Finalto) executive Roger Hambury, with ambitions to acquire and grow out companies in the Retail FX, CFDs, and crypto trading sector. The company announced its first acquisition in early 2022 buying CySEC-licensed Scope Markets, and has since added a number of (mainly) FX industry executives including John Williams (ex Equiti Capital) as CIO, former Equiti Capital COO Michael Ayres as CEO, Equiti and GKFX alum Mitesh Vaghela as CPO, and Equiti exec Owen Purssell as Head of Distribution.
Rostro Group CEO Michael Ayres said,
“We are delighted to have now completed the change of control process, bringing Scope Markets under the Rostro Group umbrella. We will now be focused on leveraging the solid foundations that have been laid by an amazing team. We believe that our unique perspective and expertise will drive the company forward and bring even more value to our customers in the markets across the globe.”
Rostro Group founder Roger Hambury said,
“The completed acquisition of Scope Markets presents another step in the journey of Rostro Group. In the last 12 months we have completed on several acquisitions to drive our expansion, all funded through free cashflow. The acquisition of Scope Markets presents the largest and latest acquisition, signalling our intent to be a leading provider of financial services within our sector globally. The team and I are very excited about the future.”