Zenfinex Group Closes $15 Million Series B Funding Round

Zenfinex Group, which recently renamed its retail division to Taurex, has closed a Series B round of funding, raising $15 million. The round was led by the company's existing investor Oscar Hilt Tatum IV.

The brokerage group currently operates its B2C offerings under the Taurex brand and its B2B as Zenfinex. It includes a mobile app and a web-based platform.

The mobile app is scheduled to be launched in the first quarter of 2024. The broker also plans to launch additional features by the end of 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, 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.”

In addition to investments in technology infrastructure, a portion of the proceeds from the latest financing will be used for team building, regulatory compliance, marketing, and branding.

Prior to the latest funding, the brokerage group raised $5 million in a Series A round, which was also led by Oscar Hilt Tatum IV.

Zenfinex, whose trading name is Taurex, was founded as a boutique broker in the UK. Over the years, the platform has expanded and is now also regulated in the Seychelles, the United Arab Emirates, and Sierra Leone.

The group's growth strategy is working, with the UK-incorporated Zenfinex Limited seeing its revenues jump 66% last year to nearly £400,000. However, the company remains in the red, largely due to its huge investment in 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.”

(Source: Finance Magnates)