AFRICA – FinTechs KoinKoin and SR FINANZMANN have successfully raised a US$2 million private funding round, significantly bolstering their corporate Over the Counter (OTC) business for foreign exchange and digital assets.
This investment will facilitate the development and expansion of technical forex exchange (FX) across both firms, primarily in Africa, along with enhancing the availability of G3 currencies and support for technical advancements. This endeavor aligns with their mission to solve regional issues.
SR Finanzmann is a corporate FX OTC firm established circa 2015 with a presence in the United Kingdom, Seychelles, Bulgaria, Kenya and Nigeria with a history of super fast FX execution for large corporations.
KoinKoin is a African-focused digital assets exchange where fiat meets digital assets. KoinKoin aims to support the burgeoning African market by enabling customers in key countries, including Nigeria, Ghana, Kenya, and South Africa, as well as in South-East Asia and Western Europe, to buy, sell, and transfer digital assets.
KoinKoin’s platform, in competition with Blockchain.com and Coinbase, boasts of superior consumer-focused features offering unparalleled 24/7 access and value to crypto assets.
KoinKoin and SR FINANZMANN, which witnessed their revenues doubling from £72 million (US$90.76m) in the fiscal year 2023 to almost £150 million (US$189.09m) in the fiscal year 2024, will leverage this financing to further their rapid growth and ambitious expansion plans.
Both KoinKoin and SR FINANZMANN have taken significant measures to strengthen their presence in Africa. In a step towards expansion, they appointed Mimi Kufuor as their COO in August 2023.
Additionally, SR FINANZMANN now holds a Bureau De Change license from the Central Bank of Nigeria, symbolizing their resolve to establish a robust base in the region.
Founder Ola Atose has articulated his mission to foster financial innovation and inclusive growth in Africa. Emphasis will be placed on the technical FX sector. Looking ahead to 2024, the vision remains unaltered, centered around doubling revenue and widening their West African footprint.
COO Mimi Kufuor also sees the investment as a significant opportunity for both firms to reach unprecedented heights. With a strategic placement in the African FX market, they aim to enhance financial accessibility and inclusion across the region.
In anticipation of an exciting new chapter, Mimi reaffirms the mission to address key issues in Africa and remains hopeful about the positive changes KoinKoin and SR FINANZMANN will continue to bring.
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