London-based broker Zenfinex, currently known as Taurex, has unveiled its financial performance for the fiscal year ending 31 December 2023. The figures present a challenging perspective on the company's financial health.

Zenfinex's Financial Performance

Zenfinex Limited's revenue amounted to £848,306 marking a substantial inecrease from the previous year. Conversely, direct costs totalled £196,627, indicating a troubling trend.

The company reported a gross profit of £651,679, significantly higher than the previous year. However, administrative expenses surged to £2.94 million, a stark contrast to the prior period. Consequently, Zenfinex Limited incurred an operating loss of £2.29 million, a notable increase from the previous year.

This recent development raises concerns regarding Zenfinex Limited's financial stability and its ability to effectively steer the current economic challenges. Shedding light on this, the company's filing emphasized its strategic direction: "The business has seen significant investment over 2023 and this will continue in 2024 with the firm received approval from FCA for a full scope dealing as principal broker in Q4 of 2023."

"This will see the business investing more capital but will also allow the business to be more versatile in onboarding both institutional clients and retail clients and driving revenue. Further to this the board has allocated a marketing budget which will allow the business to grow its footprint in the UK further."

Series B Funding Round Nets $15M for Expansion

Earlier, Zenfinex concluded its Series B funding round, securing $15 million. Oscar Hilt Tatum IV, an existing investor, spearheaded the investment, as reported by Finance Magnates. Operating under Taurex for B2C services and Zenfinex for B2B, the group will intensify its focus on proprietary technology with the infusion of funds.

This includes the development of a mobile app and web platform, set to debut in early 2024, with further enhancements planned later that year. Besides tech investment, the funding will support team expansion, regulatory compliance, marketing, and brand elevation.