Guru Capital announced on Friday it is set to acquire UK-based fintech, Oval Money. According to Guru Capital, Oval Money will be integrated into its portfolio company, CFD Broker ETX Capital.
As previously reported, Oval Money provides easy to read, readily available information on everyday expenses. The marketplace explained that each week its app automatically uses the steps and creates a saving balance that will be moved weekly into a personal and secure digital wallet. Users may now select one or more of Oval’s services and integrate these with their existing banks and cards:
- Oval Coach: Provides tailor-made financial missions, promoting good financial habits.
- Oval Future: Helps users set aside savings and invest in their future through our marketplace of financial products, automatically and on a recurring basis.
- Oval Activities: Keeps track of every financial activity across any card and account, linked to the app in open banking. It analyses transactions to help users better understand and then manage their spending habits.
- Oval Pay: Currently launched only in Italy, is the only current account in Europe that we believe allows users to automatically save and invest in their future while they spend.
The company also raised £1.2 million and £626,310 through its equity crowdfunding campaigns on Seedrs. Guru Capital further reported it is in the process of negotiating the acquisition by an associated fund of 100% of the shares of Oval Money Ltd’s Spanish regulated investment firm subsidiary, Oval Marketplace A.V., S.L.
“These acquisitions support ETX’s and Oval’s shared mission of making a wide range of financial services and products accessible and affordable to everyone.”
Guru went on to add that 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.