The Zenfinex Group, which recently rebranded its retail division to Taurex, and closed its Series B funding round, raising $15 million, Finance Magnates learned exclusively. Oscar Hilt Tatum IV, an existing investor in the company, led the funding round.
A Boost to the Proprietary Tech Development
The brokerage group, which is now operating its B2C offerings under the brand Taurex and B2B as Zenfinex, will ramp up its investment into proprietary technology following the latest investment. As detailed to Finance Magnates, it encompasses both a mobile application and a web-based platform.
The mobile application is scheduled to be launched in the first quarter of 2024. The broker plans for further features in late 2024.
“Our focus on building resilient foundations for future scalability sets the stage for what we anticipate being a pivotal year in 2024—a year poised to firmly establish Taurex on the map,” said Nick Cooke, the Founder and CEO of the Zenfinex Group.
“As we anticipate significant expansion, our aim is to grow our client base further while positioning the Taurex brand as a disruptor across all our targeted markets. The imminent launch of our mobile app in 2024 adds an extra layer of excitement, poised to play a key role in realizing our growth ambitions for the upcoming year.”
Apart from the investment in technological infrastructure, a portion of the proceeds from the latest funding will be utilized for team building, regulatory compliance, marketing, and brand promotion.
Expansion Continues
The latest funding came after the brokerage group raised $5 million in its Series A funding round, led by Oscar Hilt Tatum IV.
Zenfinex, operating with the trade name Taurex, was established as a boutique brokerage in the United Kingdom. However, the platform expanded its reach over the years and is now regulated in the Seychelles, the United Arab Emirates, and Sierra Leone.
The group's growth strategy is working as the revenue of the UK-registered Zenfinex Limited jumped 66 percent last year to almost £400,000. However, the company remains at a loss, mostly because of its massive investment in the technology infrastructure.
In a statement, Oscar Hilt Tatum IV, the majority shareholder in Zenfinex Technologies, said: “The Series B round marks a pivotal milestone, allowing us to build on our already robust foundations and scale our operations to new heights. We are firmly committed to the vision of propelling Taurex to industry leader status across multiple geographies.”
