London-based FinTech companies, KoinKoin and SR FINANZMANN, have successfully concluded a $2 million private funding round. The funds will be primarily used to expand their corporate over-the-counter (OTC) business for foreign exchange and digital assets, specifically in Africa. Both companies are looking to enhance the technical FX infrastructure, undertake technical upgrades and increase trading opportunities for G3 currencies. KoinKoin and SR FINANZMANN have doubled their revenue from £72 million to almost £150 million in a year, and this investment will support their growth plans and ambition.
KoinKoin is aimed at retail consumers, allowing them to buy, sell, and transfer digital assets through the use of advanced application programming interfaces (APIs) for real-time market data and price information. It focuses on the African market and operating countries such as Nigeria, Ghana, Kenya, South Africa, Southeast Asia, and Western Europe. Meanwhile, SR FINANZMANN caters to corporate clients by providing similar services.
The companies have pursued a strategic move to establish a strong foothold in the African market. KoinKoin and SR FINANZMANN appointed Mimi Kufuor as COO in August 2023 and obtained a Bureau De Change license from the Central Bank of Nigeria. Also, they have embarked on on-ground expertise expansion and have established effective customer onboarding procedures to ensure seamless experiences for new clients. These initiatives demonstrate their dedication to growth and their determination to thrive in the dynamic African market.
Ola Atose, Founder of KoinKoin and SR FINANZMANN, stated their mission is to promote financial innovation and foster inclusive growth across the African region. He believes that the new investment has positioned the organisations strongly and specifically emphasises the technical FX domain. Mimi Kufuor, the companies’ COO, is excited about the investment, seeing it as an opportunity to drive success and growth.
