Continuing its international expansion and clear plans to grow in Europe, China based Retail FX brokerage group TigerWit has announced that it has acquired Mercor Index, the UK based and FCA regulated broker set up by longtime London Capital Group Holdings plc (LON:LCG) CEO Simon Denham. Mr. Denham set up Mercor Index in 2015 after Charles-Henri Sabet’s takeover of LCG, he had been CEO of LCG for about 10 years.
However other than receiving its FCA license, Mercor Index has not done much to date. The company recorded just £97,000 in Revenue during the 12 months ended March 31, 2017.
No financial details of the transaction were given, however it does appear as though Simon Denham will remain with Mercor Index and help build out the company’s business in the UK and Europe.
The purchase of Mercor Index marks TigerWit’s first acquisition of another complementary business and means a highly significant entry into the UK market with the acquisition of a fully authorised and regulated FCA entity. Mercor Index plans to offer the TimeToTrade platform in the UK, and will also apparently operate under the TimeToTrade brand.
TigerWit has been focused mainly on the domestic Chinese retail FX and CFD market, since being founded in 2015 by entrepreneurs Summer Xu and Weilong Song. However we reported last August that the company wants to start building its international client base. To that end, TigerWit received a financial services license in the Bahamas in 2017.
Summer Xu, Founder of the TigerWit Group said:
We are very excited about formally entering the UK market with the acquisition of Mercor Index and look forward to working with the team to grow their existing business and establish TigerWit as a leader in retail broking not only in the UK, but globally. The team’s wealth of experience in the online trading industry will assist us in expanding our operations and services, as well as most importantly, providing our clients with the option of trading under a FCA regulated provider.
Simon Denham, founder of Mercor Index said:
This is an exciting moment for both TimeToTrade and TigerWit. In the past few years we have built a significant database of traders that use our platform with its fully integrated alerting, strategy builder and chart trading functions. With TigerWit’s expertise we will be able to pool our technical knowhow and industry knowledge to provide clients with the best tools and a safe trading environment.
The TimeToTrade platform offers retail investors the ability to invest directly in physical stocks and shares, as well as trading in global financial markets such as indices, FX and commodities via CFDs. TimeToTrade provides an industry leading technical trading environment which allows clients to simply create and automate their trading activity. With the platform’s ‘Strategy Builder’ clients can back-test and then forward-test trading strategies via a demo trading account before implementing them into the live markets. These strategies can be tested and executed without the requirement of programming any complex coding languages.