Oval Money has appointed Luca Merolla as the new Chief Executive Officer. He has been a part of the company since October 2020 as a Non-Executive Director.
Two brands operate under the Oval Money umbrella: one is the fintech Oval and the other is the forex and CFDs brokerage brand, OvalX, previously known as ETX Capital. Merolla will head both brands.
Merolla is replacing Philip Adler who held the apex position in the company even before its rebranding. He first took over as the CEO of ETX Capital (now OvalX) in July 2020 and was the Co-CEO of the broker before.
Despite stepping down as the CEO, Adler will remain within Oval Money as the Chief Business Development Officer.
“I have been very proud to lead our teams through ownership changes and the rebranding to OvalX. I am now incredibly excited to grow our existing business lines and to develop new revenue opportunities,” Adler said in a statement.
A Capable Head
Merolla's initial appointment at ETX Capital (now OvalX) came with the acquisition of the brand by the Swiss private equity firm, Guru Capital where he was a Managing Partner.
He has a solid background in computer science and has been working in the financial service industry for more than a decade. He entered the industry with a software-centric role at Swissquote. He parted with the broker after four years as the Vice Director of Forex Manager.
“I’m looking forward to a bright future, which will continue to be our major focus on investment in Oval Money’s technology, infrastructure, and brand,” Merolla said.
“With full support from our shareholders, who have invested significant capital to drive the business’s strategic initiative, we can push through this continued phase of growth and development with the aim of transforming into a more diverse financial services company.”
Numbers
Meanwhile, the official press release revealed that Oval Money’s UK entity Monecor (London) ended 2021 with total revenue of £24.2 million. The figure declined by almost 24 percent year-over-year, but profits and other metrics are not known yet.
The migration of the UK broker's European operations and clients to another EU entity following Brexit has impacted the revenue.
