Mr Merolla takes the helm to offer a fresh outlook for the brand’s two products. Oval is a clever app to save and invest money automatically and OvalX (formerly ETX Capital) - a trading platform to access shares, currencies, stock indices, commodities and other financial markets.

With a background in computer science, Merolla brings a wealth of experience to the role, having worked in financial services for more than 10 years for the likes of online trading company Swissquote and private equity firm Guru Capital.

He said: “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.”

The announcement comes as Oval Money’s UK entity Monecor (London) Ltd presents its 2021 figures which show a total revenue of £24.2 million, compared to £31.8 million for the prior year.

Results are driven by the company migrating its European business operation and clients to a European group entity as part of the Brexit group strategy.

Mr Merolla added: “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.”

Former CEO Philip Adler steps down from the position to pursue the role of Chief Business Development Officer within the company.

He said: “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.”

With greater market expertise and a growing team of more than 250 people based in the UK, Italy and Cyprus, Oval Money has built a solid foundation to realise its goal of becoming a standard of excellence across the UK and Europe.

Oval is currently available in Italy and will launch soon in the UK. OvalX is available in the UK and EU.