KoinKoin and SR FINANZMANN Secure $2 Million for Expansion

Published 18 days ago

London-based FinTech firms, KoinKoin and SR FINANZMANN, have successfully concluded a $2 million private funding round. This move is set to significantly enhance their corporate over-the-counter (OTC) business for foreign exchange and digital assets.

Funding Fuels Growth

The funding is primed to support the growth and expansion of the technical FX across both businesses, with a particular emphasis on Africa. It will facilitate technical upgrades and increase the availability of G3 currencies. The primary mission remains to alleviate difficulties experienced in the region. The revenue for KoinKoin and SR FINANZMANN saw an impressive doubling from the fiscal year 2023 to 2024, rising from £72 million to almost £150 million. This funding will further enable the companies to maintain their accelerated expansion and ambitious growth plans.

Expanding Reach to Africa

KoinKoin has been instrumental in supporting the burgeoning African market by enabling customers to buy, sell, and transfer digital assets across key operating countries. These include Nigeria, Ghana, Kenya, South Africa, as well as Southeast Asia and Western Europe. The platform, which provides stiff competition to Blockchain.com and Coinbase, is known for its customer-focused features, providing unparalleled value and access to crypto assets round the clock. SR FINANZMANN offers similar services targeted at the corporate sector.

Significant Steps Towards Growth

In a strategic move, KoinKoin and SR FINANZMANN have taken substantial steps toward growth in the African market. They appointed Mimi Kufuor as COO in August 2023, bringing in fresh leadership to spearhead expansion. Furthermore, SR FINANZMANN obtained a license as a Bureau De Change by the Central Bank of Nigeria, demonstrating a commitment to establishing a strong presence in the region.

Founder’s Vision for Africa

Ola Atose, the Founder of KoinKoin and SR FINANZMANN, has a clear vision to promote financial innovation and foster inclusive growth across the African region. He emphasises that the current investment has strongly positioned the organisations for further expansion, with a specific focus on the technical FX domain. The aim is to facilitate advancements in the accessibility of G3 currencies in Africa.

Atose expressed enthusiasm for the upcoming year, outlining 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.

COO Highlights Positive Impact

Mimi Kufuor, the Chief Operating Officer of KoinKoin and SR FINANZMANN, sees the investment as a significant opportunity to propel both organizations to new heights of success and growth. She highlighted the strategic positioning to play a central role in the African FX market, serving both retail and corporate customers. Kufuor 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.