FinTechs KoinKoin and SR FINANZMANN, have closed a $2 million private funding round in major boost to their corporate over-the-counter (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, facilitate technical upgrades and increase the availability of G3 currencies. Their principal mission is to aid in solving the issues in the region.
The total revenues for KoinKoin and SR FINANZMANN doubled from the financial year 2023 to the financial year 2024, rising from £72 million across both companies to almost £150 million. The funding will enable the businesses to continue their rapid expansion and ambitious growth plans.
Aimed to support the growing African market, KoinKoin enables customers to buy, sell and transfer digital assets across key operating countries such as Nigeria, Ghana, Kenya, South Africa, as well as Southeast Asia and Western Europe.
KoinKoin’s platform challenges Blockchain.com and Coinbase with its superior customer-focused features, delivering unrivalled value and access to crypto assets 24/7, 365 days of the year. The platform is directed to meet retail consumer needs, allowing customers to quickly buy and sell digital assets using advanced application programming interfaces (APIs) providing market data and real-time information around best prices. SR FINANZMANN provides similar services aimed at the corporate sphere.
In a strategic move to solidify its presence in the African market, both KoinKoin & SR FINANZMANN have taken significant steps towards growth. In August 2023, the companies appointed Mimi Kufuor as COO, bringing in fresh leadership to drive expansion. Additionally, SR FINANZMANN is now licensed as a Bureau De Change by the Central Bank of Nigeria, demonstrating a commitment to establishing a strong foothold in the region. Furthermore, the firms have expanded their on-ground expertise and implemented effective customer onboarding processes, ensuring a seamless experience for new clients. These initiatives highlight the companies’ dedication to growth and their determination to thrive in the dynamic African market.
Ola Atose, the Founder of KoinKoin and SR FINANZMANN, has expressed a clear mission to promote financial innovation and foster inclusive growth across the African region. In a recent statement, Ola highlighted that the current investment has positioned the organisations strongly for expanding their efforts, with a specific emphasis on the technical FX domain. The focus remains on Africa, with the aim of facilitating advancements in the accessibility of G3 currencies.
Reflecting on the accomplishments of 2023, Ola expressed enthusiasm for the upcoming year, stating that KoinKoin had a remarkable year. However, looking ahead to 2024, the vision remains steadfast. He outlined bold aspirations, including doubling revenue and expanding the footprint across the West African region. The commitment to shaping the future landscape of financial technology remains a top priority for KoinKoin and SR FINANZMANN. It’s an exciting journey ahead!
Mimi Kufuor, the Chief Operating Officer of KoinKoin and SR FINANZMANN, also expressed excitement about the investment, viewing it as a significant opportunity to propel both organizations to new heights of success and growth. Mimi highlighted the strategic positioning to play a central role in the African FX market, serving both retail and corporate customers with the aim of enhancing financial access and inclusion across the region.
Mimi anticipates an excellent year ahead and is enthusiastic about witnessing the unfolding of the next growth chapter. The commitment to addressing a fundamental issue in Africa remains at the forefront, and she looks forward to the positive impact that KoinKoin and SR FINANZMANN will continue to make in the region.
