London-based Fintech firms, KoinKoin and SR FINANZMANN, have successfully concluded a $2 million private funding round, providing a significant boost to their corporate over-the-counter (OTC) business for foreign exchange and digital assets.
The injected funds will fuel the expansion of technical FX capabilities across both companies, with a special focus on Africa. The financing will also facilitate technical upgrades and enhance the availability of G3 currencies, aligning with their primary mission to address financial challenges in the region.
Total revenues for KoinKoin and SR FINANZMANN experienced a doubling from £72 million in the financial year 2023 to almost £150 million in the financial year 2024. This funding will play a pivotal role in sustaining the rapid expansion and ambitious growth plans of both entities.
KoinKoin, designed to support the burgeoning African market, allows customers in key operating countries such as Nigeria, Ghana, Kenya, South Africa, Southeast Asia, and Western Europe to buy, sell, and transfer digital assets. The platform competes with Blockchain.com and Coinbase, offering superior customer-focused features, providing unmatched value, and granting access to crypto assets 24/7, 365 days a year. In parallel, SR FINANZMANN caters to similar services targeted at the corporate sector.
To strengthen their presence in the African market, KoinKoin and SR FINANZMANN appointed Mimi Kufuor as COO in August 2023, bringing in fresh leadership to drive expansion efforts. SR FINANZMANN has obtained a Bureau De Change license from the Central Bank of Nigeria, emphasizing its commitment to establishing a robust foothold in the region. Both companies have enhanced on-ground expertise and implemented seamless customer onboarding processes to ensure a positive experience for new clients.
Ola Atose, the Founder of KoinKoin and SR FINANZMANN, emphasized a clear mission to promote financial innovation and foster inclusive growth across Africa. The recent investment positions the organizations strongly for expanding their efforts, with a specific focus on the technical FX domain and increasing accessibility to G3 currencies.
Looking ahead to 2024, Ola Atose outlined bold aspirations, including doubling revenue and expanding their footprint across West Africa. The commitment to shaping the future of financial technology in Africa remains a top priority for KoinKoin and SR FINANZMANN.
Mimi Kufuor, the Chief Operating Officer of both firms, expressed excitement about the investment, considering it a significant opportunity to propel both organizations to new heights of success and growth. She emphasized their strategic positioning to play a central role in the African FX market, serving both retail and corporate customers to enhance financial access and inclusion across the region.
As the journey unfolds, Mimi anticipates an excellent year ahead, emphasizing the commitment to addressing fundamental financial issues in Africa and the positive impact KoinKoin and SR FINANZMANN will continue to make in the region.