UK fintech Oval Money has been acquired by Switzerland-based Guru Capital and will be integrated into its portfolio company, ETX Capital.
The Swiss private equity firm said that an agreement has been reached for the acquisition, for an undisclosed amount, of substantially all of the assets of Oval Money, which will be acquired by and integrated into the UK-based online CFD broker ETX Capital.
“The combination will help accelerate business growth and client engagement by supporting clients in setting smart rules for defining their savings habits and investment goals, making payments, and tracking spending as well as trading in the financial markets through a single mobile app,” Guru Capital said in a statement.
The firm is also in the process of negotiating the acquisition by its associated fund of 100% of the shares of Oval Money’s Spanish regulated investment firm subsidiary, Oval Marketplace.
In a blog post, the Oval team said: “Over the past four years, we have pursued our mission of fostering financial education and market access through our app, and this acquisition fully supports ETX and Oval’s shared vision of increasingly expanding the range of accessible services and financial products that are within everyone’s reach.”
It added that the acquisition will allow the Oval app and service to broaden to include new types of investments, such as exchange-traded funds (ETFs), single stocks and cryptocurrencies.
Oval Money was launched in 2017 and its mobile app has more than 100,000 active users.