Exclusive: Zenfinex loss grows to £2.3 million in 2023, plans Spread Betting

FNG Exclusive… FNG has learned from regulatory filings that London based, FCA licensed broker Zenfinex Limited saw an increase in its net loss in 2023, although the company did manage to increase its revenue base, during a year of transition for the company.

Revenues at Zenfinex increased by 72% from £494K in 2022 to £848K in 2023. The company’s Net Loss, however, increased from £1.87 million in 2022 to £2.29 million last year, as the company’s Admin Expenses rose by 38%.

Zenfinex Limited is the UK arm of Zenfinex Global Limited, which rebranded its retail offshore brokerage arm to Taurex last year.

The principal activity of the company continued to be that of matched principal agency broker for the trading of Foreign Exchange (FX) and Contract for Differences (CFDs) to its retail and institutional clients.

In 2023 Zenfinex operated as an agency broker with the primary revenue drivers being as follows:

Spread mark-up,
Commissions,
Swap premiums, and
Liquidity and white label solutions for institutional clients targeting MT4 and MT5 brokers.

Zenfinex stated that 2023 was a year where it invested heavily in people and infrastructure, with the majority of increases in spend being in staff and technology as well as professional advisory. This was done in anticipation of, and to enable, its growth in 2024 and beyond.

For 2024 Zenfinex has already extended its FCA license to “Full Scope” 750k. This allows it to access significant new revenue opportunities which (post year-end) are already materialising. In addition, to further grow its UK driven client base Zenfinex said it intends to offer spread betting in 2024.

Nick Cooke

The Zenfinex group was established in 2017 in the UK, founded by Dubai based Group CEO Nick Cooke, a former FXCM and LCG senior sales executive Nick Cooke. The company received FCA authorization in March 2019. Zenfinex is majority controlled by Oscar Hilt Tatum IV, a Saint Kitts and Nevis citizen who now resides in the UAE and runs offshore investment firm iPoint Capital Partners.