Mon, July 22, 2024

Zenfinex Reports Revenue Surge but Faces Operating Losses

Broker News

London-based broker Zenfinex, now operating as Taurex, has exposed its fiscal year 2023 financial results, which paint a complex picture of its economic situation.

Zenfinex’s Fiscal Overview

Zenfinex Limited’s revenue hit £848,306, a significant rise from the previous year. However, direct costs reached £196,627, hinting at potential issues.

The company reported a gross profit of £651,679, significantly surpassing last year’s figures. Meanwhile, administrative expenses soared to £2.94 million, a drastic increase.

It resulted in an operating loss of £2.29 million, much worse than the previous period. These updates raise questions about Zenfinex Limited’s economic resilience amid current challenges. The company’s filing highlighted its strategy: The business received major investments in 2023 and plans to continue in 2024 with FCA’s full-scope approval in Q4 of 2023.

This will enable more capital investments, enhance flexibility in onboarding institutional and retail clients, and drive revenue growth. Additionally, the board has allocated a budget to initiatives to expand its presence in the UK.

Series B Funding Round Secures $15M for Expansion

Previously, Zenfinex closed its Series B funding round, garnering $15 million. Existing investor Oscar Hilt Tatum IV led the investment, per Finance Magnates. Currently, the group operates under Taurex for B2C services, while Zenfinex serves B2B.

Using the new funds, they plan to focus on proprietary technology. It entails developing a mobile app and web platform to launch in early 2024, with further upgrades planned. In addition to tech investment, the funding will aid in team growth, regulatory compliance, marketing, and brand development.

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