ETX Capital, a big name in the forex and CFDs brokerage space, has rebranded to OvalX after its services were integrated with its sister fintech , Oval.
“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 know and love. As the next step in our evolution, we’ve changed our name to OvalX,” the broker wrote in a social media post.
Announced on Sunday, the newly-branded services are being provided with a new website, ovalx.com. In addition, ETX Capital is redirecting all its traffic to the new web address.
United Kingdom-based ETX Capital was acquired by Swiss private equity firm, Guru Capital in 2020, and was followed by the purchase of the broker’s Cypriot business. As a subsidiary of Guru, ETX Capital acquired Oval Money last year, which primarily offers savings and investment options through a reducing model in a marketplace of financial products.
"The rebranding of ETX to OvalX is the next stage of our exciting transformation, from an established CFD and Spread bet broker to a modern financial services company," said Philip Adler, the CEO of Oval Money (previously ETX Capital).
Integrating Services
The decision to integrate ETX Capital and Oval was already made last November. Since then, ETX indicated the merging of the brands that have materialized now. The combined companies are being operated from offices in Italy, the United Kingdom and Cyprus with a workforce of 180 people.
Despite the rebranding, the offerings will remain in line with the existing services from the two platforms, ETX Capital and Oval.
“But now we’re combining with someone to push us to the next level through technology and innovation. We’re creating something new – OvalX,” the social media post added. “OvalX combines ETX’s experience with Oval technology. It’s the next step as we move into the future.”
Claudio Bedino, the CMO of Oval Money, said: "We now add technological innovation with the strength that has characterised ETX in recent years. OvalX's transformation will guide it through a future of product developments that will benefit customers."
Meanwhile, ETX Capital is increasing its global footprint. The broker received a new license from the South African financial market regulator last July to expand into the lucrative African markets.
