Abstract:The financial terms of the deal were not disclosed. Talks on the deal started in 2021.
Scope Markets Group, one of the popular forex and CFDs trading brands, announced on Monday that it has been acquired by Roger Hambury‘s Rostro Group in an all-cash deal. The deal will be funded with Rostro’s existing cash reserves, but the financial terms of it were not revealed.
Scope Markets operates globally with licenses obtained from several regulators, including the ones in Cyprus, Belize and Mauritius. Additionally, it is regulated in South Africa and is one of the very few regulated brokerage platforms in Kenya, which is considered to be one of Africas major untapped markets.
The broker serves retail and institutional clients and has been promoting its brand for years with a major sponsorship deal with an English football club, West Ham United.
“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,” said Hambury, who founded Rostro in 2020.
“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 licenses, products or services, to further enhance our client offering.”
The press release shared with Finance Magnates detailed that the acquisition deal was sealed as the services of Rostro and Scope were complementary to each other with little operational and market overlap.
Scope Markets Groups CEO, Jacob Plattner said: “This is an exciting moment for Scope Markets and its shareholders. Our dedicated workforce has built a fantastic financial services organization. We have made financial markets accessible globally to clients, who have remained loyal, and we hope will continue to do so as we grow the Scope brand further under Rostro Group.”
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
The robust inflation figures released on Wednesday led to significant gains for the US Dollar (USD) relative to its competitors. Following the conclusion of its April meeting on Thursday, the European Central Bank (ECB) will make announcements regarding its monetary policy. Meanwhile, the US economic docket will include the Producer Price Index (PPI) figures for March along with the weekly data on Initial Jobless Claims.
The Central Bank of Nigeria (CBN) should issue a directive mandating non-oil exporters to hold foreign currencies for a minimum of 48 hours, according to a proposal made by the Association of Bureaux de Change Operators of Nigeria (ABCON).
In a distressing turn of events, Mr. Ninonuevo, a 54-year-old investor from the Philippines, finds himself embroiled in a financial quagmire after transferring his accounts from Vllado to Orfinex, only to face rejection of Know Your Customer (KYC) procedures and subsequent withholding of funds by the latter. This alarming revelation has left Mr. Ninonuevo and other members of Intersphere Enterprises (ISE) in a precarious position, unable to access their transferred funds as initially promised by Orfinex.
After a puzzling hiatus, prop trading giant The Funded Trader resurfaces with cryptic signs of a potential relaunch, amidst mounting user concerns and a cloud of uncertainty.