Scope Markets Group, one of the popular forex and CFDs trading brands, announced on Monday that it has been acquired by Roger Hambury’s Rostro Group in an all-cash deal. The deal will be funded with Rostro’s existing cash reserves, but the financial terms of it were not revealed.
Scope Markets operates globally with licenses obtained from several regulators, including the ones in Cyprus, Belize and Mauritius. Additionally, it is regulated in South Africa and is one of the very few regulated brokerage platforms in Kenya, which is considered to be one of Africa’s major untapped markets.
The broker serves retail and institutional clients and has been promoting its brand for years with a major sponsorship deal with an English football club, West Ham United.
“This acquisition is incredibly exciting and helps accelerate our ambition to build a new brand of multi-asset trading and investment firm, which will only be enhanced by the Scope Markets brand,” said Hambury, who founded Rostro in 2020.
“The opportunity presented itself in late 2021, and we jumped at the chance. We see the acquisition of Scope Markets as the first step in a journey to create a global fintech operation, operating in multiple markets, supported by a strong balance sheet. We will continue to explore further bolt-on acquisitions, be it licenses, products or services, to further enhance our client offering.”
A Strategic Deal
The press release shared with Finance Magnates detailed that the acquisition deal was sealed as the services of Rostro and Scope were complementary to each other with little operational and market overlap.
Scope Markets Group’s CEO, Jacob Plattner said: “This is an exciting moment for Scope Markets and its shareholders. Our dedicated workforce has built a fantastic financial services organization. We have made financial markets accessible globally to clients, who have remained loyal, and we hope will continue to do so as we grow the Scope brand further under Rostro Group.”
