Trive Financial Services UK Limited, which operates as TrivePro, has applied to the United Kingdom’s Financial Conduct Authority (FCA) to cancel its licence. According to the FCA register, the company applied for the licence cancellation on 14 June 2024.
“This firm has applied to cancel its authorisation but must still meet our standards in dealing with its customers,” the regulator stated on its registry page. TrivePro was authorised to operate in the country on 15 February 2010.
The application to cancel the FCA licence indicates the company’s plans to exit the UK markets.
Closure of TrivePro Brand?
Under the TrivePro brand, the company has been offering over-the-counter derivatives trading services to professional and institutional clients. The instruments include margin forex and contracts for differences (CFDs), which are considered high risk due to leveraged trading.
Previously, the company was known as GKFX Financial Services, but it was sold to the Netherlands-based Trive Investments BV in 2022 and underwent a rebranding.
The UK entity restructured its operations in 2019 under the former ownership to focus only on professional and institutional clients. It migrated its retail clients to a Malta-based affiliate and rebranded the UK business from GKFX UK to GKPro.
A Profitable Business
Interestingly, the decision to cancel the FCA licence came after TrivePro generated annual revenue of £10.79 million, a yearly jump of about 815 percent, and turned a profit of £2.49 million.
However, earlier this year, Adam Dougall, who became CEO of the company in December 2021, stepped down. Shravan Joshi, a non-executive director of TrivePro, recently separated from the company.
Meanwhile, the Trive brand continues to operate in retail trading outside the United Kingdom. The retail brand is operated by companies regulated in the British Virgin Islands, Malta, and a few other jurisdictions.
