High-growth trading platform Capital.com has entered an agreement with Monecor (London) Limited and Oval Money (Europe) Ltd (OvalX), under the terms of which, OvalX will offer some of its existing retail and professional clients the opportunity to transfer their accounts to Capital.com.
The deal has been arranged to ensure continuity of service for OvalX clients and allow them to continue trading, without disruption. It follows media speculation that OvalX might be poised to close or scale down operations in the wake of a GBP 9.2m loss in the year 2021.
OvalX began life 20 years ago as TradIndex and then ETX Capital, and has a long and reputable track record in the UK financial spread betting and Contracts for Difference industry. According to Capital.com CEO Peter Hetherington, the agreement is an important step towards continuing that legacy.
OvalX had been acquired as part of a private equity deal with Jump Capital. According to industry news website Finance Magnates, Jump is no longer interested in funding OvalX following a huge decline in trading revenues in 2021. It had recently been managed by the same team that had been running Oval Money.
OvalX said in a statement to media last month that it was still business as usual at the CFD broker, although rumours are emerging of some staff layoffs at the brokerage.
“Both our companies share the same unwavering commitment to provide our clients with great customer service, a seamless user experience and ample educational resources on a secure trading platform,” Hetherington said. “We are excited to welcome consenting OvalX clients to Capital.com and look forward to supporting them in their trading journeys.”
Luca Merolla, Chief Executive Officer, OvalX, added: “We believe that our legacy is in safe hands with Capital.com who are perfectly placed to look after the smooth transfer of clients over the coming weeks. Capital.com’s focus on customer service, education, and product development makes them a great fit for our active trader clients.”
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Niamh Byrne joins Capital.com to run UK and Ireland
In addition to ensuring continuity of service for consenting clients of OvalX, this agreement marks Capital.com’s commitment to continue to evolve, scale and grow its business in the UK and EU. To support this initiative and further drive the UK business, Capital.com has recently appointed Niamh Byrne as Head of UK and Ireland.
“With this agreement, we will be in a good position to further broaden our portfolio of products and accelerate our development,” Byrne said. “We are committed to building a best-in-class CFD and spread-betting business to meet the exacting needs of our new and existing clients.”
Byrne has more than 13 years of industry experience within the UK financial services sector. She has held a number of client management roles over the course of her career and was most recently Head of Global [B2B2C] Sales at IG. As Head of UK and Ireland at Capital.com she will be responsible for building strong client relationships and driving overall strategy to ensure optimal client satisfaction and growth.
