A listed FinTech business which parted company with its CEO last week then quickly agreed an acquisition has named its new leader.
Nick Cowan left Valereum Plc with immediate effect amid a flurry of board changes at the firm – which is focused on tokenised digital markets – after a £19m investment deal fell through.
Valereum – headquartered in Gibraltar and listed in London – then agreed a €1.7m strategic investment for a minority stake in Fideum Group Limited.
It has now installed board member Gary Cottle as its new CEO, with immediate effect.
Cottle’s experience spans investment banking, digital infrastructure and capital markets. He has held positions at Barclays, Morgan Stanley, RBS and Nomura.
“I’ve seen many cycles of development in 30 years of TradFi, from the ‘Big Bang’ of the 1980s through rapid changes and challenges at Barclays and Morgan Stanley – managing the bailouts of Bear Stearns, Lehman Brothers and RBS – to a decade of business optimisation at RBS and Nomura as advancing technologies were embraced,” he said.
“I became involved in Valereum a few years ago as an advisor, and then on to the board. I supported the transition as we pivoted towards a sustainable future, purchasing the GSX Group to lead innovation in DeFi.
“Following recent events this solidified our view that the way forward is to minimise dilution and partner with other technological innovators and category leaders. Likewise, VLRM Markets in El Salvador is giving us a granular view of the requirements of the digital economy.
“Our strategic investments in the blockchain, tokenisation, crypto and data-driven AI space thus far have opened up an incredible depth of complementary expertise. It very much feels like we’re in the ‘Big Bang’ once again – early days in a rapidly growing market.
“I’d like to thank Nick for laying the foundations, and to Jamie and the board for their support and especially to the CEOs of our partners Fideum, Digishares and Blubird. We are already seeing the benefits of their collaboration and are excited for the journey ahead.”