Fintechs KoinKoin and SR FINANZMANN, have closed a $2 million
private funding round in 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, 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, to facilitate 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 to enhance 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.
By: Nana Appiah Acquaye