Luca Merolla Replaces Philip Adler as Oval Money CEO

Oval Money has appointed Luca Merolla as the new Chief Executive Officer. He has been a part of the company since October 2020 as a Non-Executive Director.

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Two brands operate under the Oval Money umbrella: one is the fintech Oval and the other is the forex and CFDs brokerage brand, OvalX, previously known as ETX Capital. Merolla will head both brands.

Merolla is replacing Philip Adler who held the apex position in the company even before its rebranding. He first took over as the CEO of ETX Capital (now OvalX) in July 2020 and was the Co-CEO of the broker before.

Despite stepping down as the CEO, Adler will remain within Oval Money as the Chief Business Development Officer.

“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,” Adler said in a statement.

A Capable Head

Merolla's initial appointment at ETX Capital (now OvalX) came with the acquisition of the brand by the Swiss private equity firm, Guru Capital where he was a Managing Partner.