Rostro Financials Group, a fintech group focused on capital markets and digital assets, has acquired Belize-based FX and CFDs brokerage Scope Markets.
The financial details of the transaction were not disclosed, but Rostro is buying the retail broker in an all-cash deal, the company said in a statement.
Apparently, Scope Markets will continue to be led by CEO Jacob Plattner, who has also been a major shareholder since he resigned his position as managing director at GKFX. Scope Markets, which is domiciled in Belize and regulated by the International Financial Services Commission (IFSC), is controlled by UAE-based entrepreneur Serkan Ismailoglu. The Middle East-focused broker also operates regulated entities in Africa, Cyprus and Mauritius.
Commenting on the deal, Plattner said the move marks the long-term goal of the company’s shareholders to exit the business and realise a significant return on their investment. He added:
“This is an exciting moment for Scope Markets and its shareholders. Our dedicated workforce has built a fantastic financial services organisation. We are extremely grateful to our experienced and knowledgeable employees, who helped us get to this point. Thanks to them, Scope Markets is well known for its superior product offering and professional service to institutional and retail investors alike. Having known Roger and Michael for a long time, we are equally excited to watch them take the brand, the service and the product offering to the next level. We know our amazing staff and clients will be in great hands going forward. I personally look forward to being part of the next chapter as we build the Scope Markets brand, within Rostro Group.”
Rostro is led by Michael Ayres
The deal also plays into a long-term vision for Rostro, which operates multi-regulated brokerage houses that provide execution, and clearing of both listed securities as well as OTC derivatives. In addition, the group offers banking, alternative finance, and digital asset storage with both on and off ramp solutions.
Rostro is led by Michael Ayres, the former chief operating officer at Equiti Capital, formerly known as Divisa Capital. Prior to Equiti, Ayres, who has over 13 years of experience in the forex industry, was the operations director at GKFX. He served with the UK-based CFDs broker and spread better for more than five years, starting from November 2013 until he left for Divisa in 2018.
“Scope’s impressive growth journey, along with their global reach, are what attracted us to the deal. We are looking forward to working with their talented employees and expanding the groups range of products and services,” said Michael Ayres, CEO of Rostro Group.
Scope Markets has recently announced a multi-year extension to its sleeve partnership with iconic east London football club, West Ham United. The extended accord helps expand Scope Markets’ product scope in the UK and globally as the football club’s official online trading partner.
At the time, neither the full financial terms nor the duration of the deal has been disclosed, but under its terms, the brand is taking advantage of advertising opportunities across the club’s various communications channels.
Roger Hambury, owner and founder of Rostro Group, comments: “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. 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 licences, products or services, to further enhance our client offering.”