London Firms SR FINANZMANN and KoinKoin Acquire $2M in Private Funding

Feb 12, 2024

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Financial technology has made business in the 21st century considerably easier, as it ensures secure financial transactions and the transfer of funds. The capability of the fintech industry is widespread and can be seen in many businesses, like hotels, online stores, Asian bookies, and others. Despite the usefulness of this technology, it has failed to fully penetrate the African continent. Some fintech firms trying to rectify this are SR FINANZMANN and KoinKoin, and they recently acquired private funding to this effect.

Who Are SR FINANZMANN and KoinKoin?

SR FINANZMANN is a finance consulting company in Nigeria and the United Kingdom. KoinKoin is a cryptocurrency exchange where Europeans and Africans can come to trade and purchase digital coins. These two firms were founded by the same person, Ola Atose.

Ola Atose is a former career banker who became enamored with the fintech future of cryptocurrency in 2015. At the time, he wanted to purchase Bitcoin online but discovered it involved very tiresome procedures.

From then on, he decided to create an easy way for others to access cryptocurrencies across multiple fiat currencies. KoinKoin was later established in 2017, providing a solution for many African firms facing problems with cross-border payments. SR FINANZMANN also came along to push the goal of delivering timely foreign exchange for corporations and institutions in emerging markets.

Why Did SR FINANZMANN and KoinKoin Pursue Funding?

Although SR FINANZMANN and KoinKoin have doubled their financial revenue, rising from £72 million to £150 million, this cannot fund their expansion plans. The growing African market is significant for these fintech companies, as they want to support retail consumers and corporations.

Hence, their desire for external funding and the plans they’ve mapped out for these funds include:

• Improving G3 Currency Availability in Africa
• Upgrading their financial technology
• Improving their technical foreign exchange
• Expanding their footprint across West Africa

So, this $2 million in private funding will go a long way toward fostering these ambitious growth plans. With SR FINANZMANN being recognized as a Nigerian-licenced Bureau de Change, it’ll be easier to secure a foothold in the region.

Both companies have also made changes to their customer onboarding process to make it more seamless and effective for new clients. This shows their commitment to thriving in the African market and fostering inclusive regional growth.

Who Is the New COO?

After careful consideration, SR FINANZMANN and KoinKoin have concluded that fresh leadership is needed to pioneer their expansion plans. So, they appointed Mimi Kufuor as the COO to drive this expansion.

The new Chief Operating Officer is hyped about all the moves made in 2024. She sees the investment as an opportunity to propel both firms to more significant growth and success.

It’s a known fact that foreign exchange has always been a fundamental issue in Africa. However, Mimi believes that SR FINANZMANN and KoinKoin have all it takes to serve retail and corporate African clients in this area.

Conclusion

SR FINANZMANN and KoinKoin have big plans for Africa in 2024, so they pursued this $2 million funding. They hope to promote financial innovation in Africa, emphasizing the technical FX domain. There will also be moves made to make G3 currencies more accessible in the region while conveniently doubling company revenue.

The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada’s Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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• Source: https://ncfacanada.org/london-firms-sr-finanzmann-and-koinkoin-acquire-2m-in-private-funding/