London-based ETX Capital releases its 2020 results, showing a significant uplift in revenues and successful launch of the new corporate brokerage business. Total revenue increased by 48% to £31.8 million compared with the previous year of £21.4 million. Active clients grew by 3% to 10,354 and client assets rose by 57% to a record £225 million. In 2020, ETX Capital continued to demonstrate resilience in its business model during COVID, which included requiring the staff to work remotely starting in March and the company continues to operate a flexible work policy.
Chief Executive Officer, Philip Adler, stated “The year has been truly eventful, I am very pleased with our results and the team performance during COVID and we finished on a high with the acquisition of ETX Capital by Swiss based private equity firm Guru Capital which helped set our new vision and initiatives.”
In May 2021, ETX acquired the assets of Oval Money, a FinTech platform that enables its users to create automated smart rules for defining savings habits and investment goals as well as the ability to make payments with a debit card and track spending. The Oval acquisition will enable the company to offer a full suite of financial products and services to a much wider audience.
The company’s strategy in 2021 will be focused on the integration of the ETX and Oval businesses to further strengthen the company's products and services and invest in technology to better support the existing clients as well as help scale its business throughout the UK and as it expands into Europe.
OnsaFX, a regulated, global & zero-commission broker, is strengthening its presence in Africa by preparing to enter the Ghanaian market.