“I’m excited to take this new position and I’m looking forward to a bright future, which will continue to be our major focus on investment in Oval Money’s technology, infrastructure and brand.”
Oval Money has appointed Luca Merolla as Chief Executive Officer to lead the ambitious growth strategy of the money app for automatic savings and investing as well as FCA-regulated FX and CFD trading platform OvalX, formerly known as ETX Capital.
The new CEO will replace Philip Adler, who will now pursue the role of Chief Business Development Officer within the company.
“I have been very proud to lead our teams through ownership changes and the rebranding to OvalX. I am now incredibly excited to grow our existing business lines and to develop new revenue opportunities”, said Philip Adler.
Luca Merolla joins Oval after Swissquote and Guru Capital
Luca Merolla, who brings a background in computer science and a wealth of experience to the role, will take the helm at the comopany in order to offer a fresh outlook for the brand’s two products.
The new chief executives has worked in financial services for more than 10 years for the likes of online trading company Swissquote and private equity firm Guru Capital.
Luca Merolla, CEO at Oval Money and OvalX, commented: “I’m excited to take this new position and I’m looking forward to a bright future, which will continue to be our major focus on investment in Oval Money’s technology, infrastructure and brand. In 2021, Oval Money increased its workforce by 30 percent as it sought to bolster the company’s technology, compliance, and risk departments.
“Now, with full support from our shareholders, who have invested significant capital to drive the business’s strategic initiative, we can push through this continued phase of growth and development with the aim of transforming into a more diverse financial services company.”
Oval migrated European business to European entity amid Brexit
The European business operation at Oval Money and OvalX- a trading platform to access shares, currencies, stock indices, commodities and other financial markets – migrated to an European group entity as part of the Brexit group strategy. This explains the falling revenue figures of Oval Money’s UK entity Monecor (London) Ltd, which saw total revenue of £24.2 million in 2021, compared to £31.8 million for the prior year.
Oval currently boasts a team of more than 250 people based in the UK, Italy and Cyprus and will be looking to grow further as it aims to become a standard of excellence across the UK and Europe. Oval is available in Italy and will launch soon in the UK. OvalX is available in the UK and EU.
