The Zenfinex Group has recently undergone a rebranding of its consumer division, now known as Taurex, and successfully completed its Series B funding round, securing $15 million in investments, as exclusively reported by Finance Magnates. Oscar Hilt Tatum IV, a notable existing investor in the company, spearheaded the funding effort.
Zenfinex Raises $15 Million for Its Proprietary Trading Tech
Now operating its consumer services under the Taurex brand and its business-to-business services as Zenfinex, the group is planning a significant investment in its own technological developments following the recent influx of funds.
The investments include the development of a new mobile app and an enhanced web platform, as shared with Finance Magnates. The launch of the mobile app is slated for the early part of 2024, with additional functionalities expected to be added towards the end of the same year.
Nick Cooke, the Founder and CEO of the Zenfinex Group, commented: “Laying a strong foundation for scalability is key for us, especially as we approach 2024, which we believe will be a crucial year for firmly establishing Taurex in the market. We are looking at a significant expansion and aim to increase our client base while positioning Taurex as a market disruptor. The upcoming launch of our mobile app in 2024 is particularly thrilling and is expected to be instrumental in achieving our growth objectives for the year ahead.”
A part of the funds raised will also go towards enhancing the company’s technological base, with additional allocations for team development, compliance with regulations, marketing activities, and brand enhancement.
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This Series B funding follows a successful Series A round, where the company raised $5 million, led by Oscar Hilt Tatum IV.
Originally established in the UK as a boutique brokerage firm under the trade name Taurex, Zenfinex has expanded its presence and is now regulated in multiple jurisdictions, including Seychelles, the United Arab Emirates, and Sierra Leone.
Oscar Hilt Tatum IV, the majority shareholder of Zenfinex Technologies, remarked: “This round is a significant turning point for us, enabling further development and scaling of our operations. Our commitment to realizing the vision of elevating Taurex to a leading position in the industry across various markets remains unwavering.”
The firm’s strategic growth initiatives have been fruitful, evidenced by a 66% increase in last year’s revenue for Zenfinex Limited in the UK, reaching nearly £400,000. Despite this growth, the company still operates at a loss, primarily due to substantial investments in its technological infrastructure.
