Zenfinex Limited disclosed its financial performance and revenue for the fiscal year 2023, revealing a notable surge in revenues alongside escalating net losses during what the company described as a transitional period.

Despite the challenges, Zenfinex reported a robust 72% increase in revenues, climbing from £494,000 in 2022 to £848,000 in 2023. However, the company’s net loss widened from £1.87 million in 2022 to £2.29 million in the latest fiscal year. This increase in losses was because of a 38% rise in administrative expenses over the same period.

Zenfinex Limited operates as the UK arm of Zenfinex Global Limited, which rebranded its retail offshore brokerage division to Taurex in the preceding year. The company’s core activities remain focused on acting as a matched principal agency broker for Foreign Exchange (FX) and Contract for Differences (CFDs), serving both retail and institutional clients.

Zenfinex Limited 2023 Revenue: Increased Losses in 2023?

Throughout 2023, Zenfinex continued to operate primarily through spread mark-ups, commissions, swap premiums, and providing liquidity and white-label solutions to institutional clients targeting MT4 and MT5 brokers.

Also, Zenfinex heavily invested in expanding its workforce, infrastructure, and professional advisory services during 2023. This strategic initiative was going to bolster the company’s capabilities and position it for accelerated growth in 2024 and beyond.

Looking ahead to 2024, Zenfinex has already secured an extension of its FCA license to “Full Scope” 750k, unlocking new revenue streams that are already showing promising signs post-year-end. Additionally, the company plans to enhance its UK client base by introducing spread betting services later this year.

Established in 2017 in the UK, Zenfinex was founded by Nick Cooke, a prominent figure in the financial industry with prior senior roles at FXCM and LCG. The company received its FCA authorization in March 2019, and Oscar Hilt Tatum IV, who oversees offshore investment firm iPoint Capital Partners from his base in the UAE, predominantly owns it.

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