London FinTech firms close seven-figure funding round to boost ‘ambitious’ growth plans

London FinTech firms KoinKoin and SR FINANZMANN, have closed a $2m (approx. £1.6m) private funding round in a major boost to their corporate OTC business for foreign exchange and digital assets.

The funding will support the growth and expansion of the technical FX across both businesses, especially in Africa, facilitate technical upgrades and increase the availability of G3 currencies. Their principal mission is to aid in solving the issues in the region.

The total revenues for KoinKoin and SR FINANZMANN doubled from the financial year 2023 to the financial year 2024, rising from £72m across both companies to almost £150m. The funding will enable the businesses to continue their rapid expansion and ‘ambitious’ growth plans.

Aimed to support the growing African market, KoinKoin enables customers to buy, sell and transfer digital assets across key operating countries such as Nigeria, Ghana, Kenya, South Africa, as well as Southeast Asia and Western Europe.

The platform is directed to meet retail consumer needs, allowing customers to quickly buy and sell digital assets using advanced application programming interfaces (APIs) providing market data and real-time information around best prices. SR FINANZMANN provides similar services aimed at the corporate sphere.

In a strategic move to solidify its presence in the African market, both KoinKoin & SR FINANZMANN have taken significant steps towards growth. In August 2023, the companies appointed Mimi Kufuor as COO, bringing in fresh leadership to drive expansion.

Additionally, SR FINANZMANN is now licensed as a Bureau De Change by the Central Bank of Nigeria, demonstrating a commitment to establishing a strong foothold in the region.  

Furthermore, the firms have expanded their on-ground expertise and implemented effective customer onboarding processes, ensuring a seamless experience for new clients. These initiatives highlight the companies’ dedication to growth and their determination to thrive in the dynamic African market.

Ola Atose, the Founder of KoinKoin and SR FINANZMANN, has expressed a clear mission to “promote financial innovation and foster inclusive growth across the African region”. Ola also highlighted that the current investment has “positioned the organisations strongly for expanding their efforts, with a specific emphasis on the technical FX domain”.

Mimi Kufuor, the Chief Operating Officer of KoinKoin and SR FINANZMANN, also expressed excitement about the investment, viewing it as a “significant opportunity to propel both organisations to new heights of success and growth”.