Exclusive FNG… FNG has learned from regulatory filings that London-based FCA-licensed broker Zenfinex Limited posted an increase in net loss in 2023, although the firm managed to increase its revenue base, during a transition year for company.
Revenue at Zenfinex increased by 72% from £494,000 in 2022 to £848,000 in 2023. The company’s net loss, however, increased from £1.87m in 2022 to £2.29m last year, as the company’s Admin Expenses increased by 38%.
Zenfinex Limited is the UK arm of Zenfinex Global Limited, which was rebranded as Taurex last year.
The company’s core business continued to be prime brokerage for foreign exchange (FX) and Contract for Difference (CFD) trading to its retail and institutional clients.
In 2023 Zenfinex operated as an agency broker with the main revenue drivers being:
- Spread increment,
- Committees,
- Exchange the premiums and
- Liquidity and white label solutions for institutional clients targeting MT4 and MT5 brokers.
Zenfinex said 2023 was a year where it invested heavily in people and infrastructure, with the majority of spending increases in staff and technology as well as professional advice. This was done in anticipation and to enable its development in 2024 and beyond.
For 2024, Zenfinex has already extended the FCA license to “Full Scope” 750k. This allows it to access significant new revenue opportunities which (after the end of the year) are already being implemented. Additionally, to further grow its UK-based customer base, Zenfinex said it plans to offer spread betting in 2024.
Founded in 2017 in the United Kingdom, Zenfinex Group was founded by Dubai-based Group CEO Nick Cooke, former FXCM and LCG senior sales executive Nick Cooke. The company was authorized by the FCA in March 2019. Zenfinex is majority controlled by Oscar Hilt Tatum IV, a citizen of Saint Kitts and Nevis who now resides in the UAE and runs the offshore investment firm iPoint Capital Partners.