Zenfinex: £1.9M Net Loss in 2022, Rebrands for Strategic Growth

Explore Zenfinex £1.9M Net loss in 2022, rebranding, and strategic moves for growth in this exclusive financial report.

Home » Zenfinex: £1.9M Net Loss in 2022, Rebrands for Strategic Growth

FNG has uncovered regulatory filings indicating that FCA-licensed broker Zenfinex Limited experienced a net loss of £1.9 million in 2022, with revenues totaling just £397K. This represents a slight increase from the £1.8 million loss reported in 2021, accompanied by revenues of £239K.

Amid these financial challenges, Zenfinex has undertaken a strategic rebranding of its Retail FX and CFDs business to Taurex. This rebranding initiative extends to both its UK and offshore (Seychelles) operations, which are now consolidated on the website. Meanwhile, the group’s B2B business continues to operate under the Zenfinex brand, accessible at zenfinex.co.uk.

Zenfinex 2022 Net Loss- More than £1.9M?

To address the financial setbacks, company ownership injected an additional £3.7 million of capital into the business during 2022, covering the combined losses of £3.7 million over 2021-2022. Looking ahead to 2023, it appears that shareholders have infused another £1.1 million of capital into Zenfinex.

Zenfinex, functioning as an agency broker, relies on driving client volumes to generate revenues. The company’s revenue streams consist of spread mark-up, commissions, and swap premiums. Notably, 2022 saw minimal revenue returns for the business despite sustained high levels of investment. Despite these challenges, the company expresses confidence in its long-term prospects in the UK and has invested in personnel and infrastructure to support future growth.

In 2022, management made substantial investments and committed to ongoing investment in 2023. The company aims to enhance regulatory standing, intending to transition to a full-scope dealing as a principal broker in Q2/3 of 2023. This strategic move involves increased capital investment, expecting to provide greater versatility and drive revenue through onboarding institutional and retail clients.Additionally, The board allocated a marketing budget to expand the company’s footprint in the UK.

Established in 2017 in the UK by Group CEO Nick Cooke, Zenfinex received FCA authorization in March 2019. The majority ownership lies with Oscar Hilt Tatum IV, a citizen of Saint Kitts and Nevis, who currently resides in the UAE and oversees the offshore investment firm iPoint Capital Partners.

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