LeapRate Exclusive… LeapRate has learned via regulatory filings that FCA regulated Retail and Institutional FX and CFD brokerage Valutrades Limited has raised £1.4 million (USD $1.9 million) in additional capital from its controlling shareholders Anil Bahirwani and Mohandas Lakhiani.
Valutrades was originally set up about six years ago as the FCA-regulated UK business of Anil Bahirwani and Mohandas Lakhiani, who also operated Indonesia-based retail forex broker Monex Investindo Futures, that country’s leading online broker. (Not to be confused with Monex Group of Japan, an unrelated company). At the time, Anil Bahirwani was CEO of Monex. However Bahirwani left active management of Monex and took direct control (along with business partner Mohandas Lakhiani) of Monex UK, renaming it Valutrades in early 2014.
The group brought on board former LCG and oneZero executive Graeme Watkins as CEO and went through a £1.2 million recapitalization in late 2016, to both shore up capital and free up money for an increased marketing budget. 2016 revenues grew by 37% (Valutrades has yet to report 2017 results).
Valutrades CEO Graeme Watkins commented to LeapRate:
After a strong performance in 2017 Valutrades existing shareholders have committed an additional GBP 1.4 million capital to Valutrades. The funds will be used to continue to support current growth trends as well as react positively to incoming regulations.