Two fintech startups, KoinKoin and SR FINANZMANN, have announced a combined $2 million in funding from private investors, a major boost for their corporate over-the-counter (OTC) business for foreign exchange and digital assets.
An official statement to this effect, seen by Business a.m, disclosed that the funding will be used to drive the growth and expansion of KoinKoin and SR FINANZMANN’s technical foreign exchange operations, especially in Africa. In addition, the money will be used to upgrade the companies’ technical infrastructure and increase the availability of G3 currencies, which are the US dollar, the euro, and the Japanese yen. The companies noted that their overarching goal is to address the challenges faced by businesses in the region when it comes to foreign exchange and digital assets
The funding comes at a time of rapid growth for both KoinKoin and SR FINANZMANN, with combined revenues having doubled from the financial year 2023 to the financial year 2024. In the most recent financial year, revenues rose from £72 million to almost £150 million. With the additional funding, the businesses will be able to maintain and accelerate their growth, allowing them to offer even more services to their clients and continue to thrive in the dynamic and competitive financial technology sector.
With the new funding, KoinKoin is set to increase its reach and support for customers in Africa and other key markets, such as Southeast Asia and Western Europe. The company’s mission is to make digital assets accessible to everyone in Africa, and the new funding will enable it to make further progress towards that goal. KoinKoin’s services are already available in Nigeria, Ghana, Kenya, and South Africa, and the company is committed to expanding its presence in the region and beyond.
KoinKoin’s platform stands out from competitors such as Blockchain.com and Coinbase by offering superior customer-focused features that provide unrivalled value and access to crypto assets around the clock, every day of the year. In addition to its user-friendly interface, the platform offers advanced APIs that provide market data and real-time information on the best prices, allowing customers to make informed decisions when buying and selling digital assets. SR FINANZMANN provides similar services to corporate clients, with a focus on providing fast and efficient solutions for all their digital asset needs.
In recent months, KoinKoin and SR FINANZMANN have taken significant steps to strengthen their presence in the African market. In August 2023, Mimi Kufuor was appointed as the companies’ new Chief Operating Officer, bringing fresh leadership and expertise to help drive expansion. Additionally, SR FINANZMANN has been licensed as a Bureau De Change by the Central Bank of Nigeria, further strengthening its position in the Nigerian market.
In addition to strengthening their leadership and regulatory compliance, KoinKoin and SR FINANZMANN have also focused on expanding their on-the-ground expertise and improving the customer onboarding process. By doing so, they have streamlined the customer experience, making it easier for new clients to get started with digital assets.
Ola Atose, the founder and CEO of KoinKoin and SR FINANZMANN, stated that his mission is to foster innovation and inclusive growth across Africa through financial services. In a recent statement, he noted that the new investment has put the companies in a strong position to expand their efforts in the technical foreign exchange space, with a focus on Africa. He highlighted that the goal is to improve access to G3 currencies,to help businesses and individuals in the region thrive.
Looking back on the past year, Atose expressed satisfaction over what has been accomplished, and he expressed confidence in the future of KoinKoin and SR FINANZMANN. He noted that 2023 was a remarkable year for the companies, but he is even more excited about what the future holds as he has set ambitious goals, including doubling revenue and expanding the companies’ presence throughout West Africa. He noted further that he remains committed to driving innovation and improving financial inclusion through technology.
Mimi Kufuor, the chief operating officer (COO) of KoinKoin and SR FINANZMANN, was equally enthusiastic about the investment, calling it a “tremendous opportunity” for both companies. Kufuor expressed confidence that the funding will allow the startups to further develop their products and services, and expand their reach to new markets.
Kufuor also emphasised the unique opportunity that KoinKoin and SR FINANZMANN have to play a central role in the African foreign exchange market, serving both retail and corporate customers.
The COO expressed optimism about the year to come, and believes that it will be a time of significant growth and progress for both companies.