FinTechs KoinKoin and SR FINANZMANN, have closed a $2m private funding round. The capital raise provides a major boost to their corporate OTC business for foreign exchange and digital assets.
The funding will support the growth and expansion of the technical FX across both businesses, especially in Africa. In particular, it will facilitate technical upgrades and increase the availability of G3 currencies. Their principal mission is to aid in solving the issues in the region.
KoinKoin and SR FINANZMANN: revenues double in financial year 2023
Total revenues for KoinKoin and SR FINANZMANN doubled in fiscal year 2023 to almost £150m from £72m the previous year.
The funding will enable the businesses to continue their rapid expansion and ambitious growth plans.
KoinKoin enables customers to buy, sell and transfer digital assets across key operating countries. Examples include Nigeria, Ghana, Kenya, South Africa, as well as Southeast Asia and Western Europe.
KoinKoin’s platform challenges Blockchain.com and Coinbase. It claims to offer superior customer-focused features, delivering unrivalled value and access to crypto assets 24/7, 365 days a year. The platform is directed to meet retail consumer needs. This allows customers to quickly buy and sell digital assets using advanced APIs providing market data and real-time information. SR FINANZMANN provides similar services aimed at the corporate sphere.
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The focus remains on Africa, with the aim of facilitating advancements in the accessibility of G3 currencies.
Looking ahead to 2024, the aim is to double revenue and expand their footprint across the West African region.
By serving both retail and corporate customers, the aim is to enhance financial access and inclusion across the region.