Zenfinex Limited Sees Revenues Jump in 2023, But Loss Increase

Zenfinex Limited, the FCA regulated entity of global forex and CFD broker Zenfinex Global Limited, generated revenues of £848K in the full year of 2023, rising 72% from 2022's £494K, according to its regulatory filings.

The gross profit increased significantly to £652K. However, the company incurred an operating loss of £2.29 million, compared to £1.87 million in the prior year, as its administrative expenses increased 38% to £2.94 million. Zenfinex Limited explained that, in 2023, it invested heavily in people and infrastructure. "The business has seen significant investment over 2023 and this will continue in 2024 with the firm received approval from FCA for a full scope dealing as principal broker in Q4 of 2023."

"This will see the business investing more capital but will also allow the business to be more versatile in onboarding both institutional clients and retail clients and driving revenue. Further to this the board has allocated a marketing budget which will allow the business to grow its footprint in the UK further," the firm added.

In 2024, Zenfinex Limited plans to offer spread betting to further grow its UK driven client base.

Zenfinex Global Limited has rebranded​ its retail business to Taurex in 2023.