Playtech’s trading technology division, TradeTech, will rebrand to become Finalto, FortuneZ has learned.
The company explained that the new short and punchy name better reflects what TradeTech does and also describes exactly how they do their operations: ‘Finance’ and ‘Higher’.
Though TradeTech has already decided on the rebranding, the formal launch is expected to take place at the end of January 2021.
The company’s Marketing Strategist, Kate Ryan, said the transition to the Finalto brand signals an exciting new phase for TradeTech and its clients.
“We are very excited to have found a meaningful name that we believe is original, global and relevant and will help us reach our goal of being the name in Global Markets and Tech,” said Ryan.
A Significant Business Unit of Playtech
TradeTech brand was originally formed after Playtech’s $120 million acquisition of liquidity provider CFH Group in late 2016. The division includes TradeTech Alpha, created to deliver a B2B solution, Markets.com, a provider of CFD and FX trading to retail investors, and MarketsX, a dedicated B2C brand for high-net-worth clients.
The rebranding came when Playtech is considering to sell TradeTech and already started talks with potential buyers. FortuneZ earlier reported that Bank Leumi is joining forces with two Israeli insurance companies to negotiate and bid for TradeTech.
Meanwhile, TradeTech remained one of the most lucrative business divisions of Playtech. The revenue of the company jumped by 123 percent year-over-year in the first half of 2020, bringing in €87.3 million. The adjusted EBITDA also soared by 544 percent, from the €8.2 million figure posted in the first six months of last year, to reach €52.8 million for the first half of 2020.