FNG has learned that social trading focused Retail FX and CFDs brokers Darwinex had a fairly good 2020 fiscal year (June 30 year-end), including a 72% rise in Revenues as well as growth in trader equity on its platform.
Revenue at FCA-regulated Tradeslide Trading Tech Limited, which operates the Darwinex.com brand and website, came in at €4.7 million for the 12 months ended June 30, 2020, up from €2.7 million in 2019. Profits however took a bit of a dip as the company continued to focus on investing in growth, €470,000 versus €683,000 last year. The company grew from 18 employees in 2019 to 41 this year.
The majority of Darwinex’s revenue (67%) derives from clients in Europe.
Darwinex noted that trader equity was up 25% year-on-year in fiscal 2020, and has risen another 16% since June 30.
To prepare for Brexit, Tradeslide/Darwinex has applied for a license from Spanish financial regulator CNMV, which the company hopes to attain early in 2021. The company operates from offices in both London and Madrid, and is run by Spanish brothers Juan and Javier Colon.
Darwinex is focused on helping “talent” attract capital, and vice versa, within its unique take on social trading.
FNG caught up with Darwinex CEO Juan Colon, who had the following to say about the results:
“2020 has been a much better than expected transitional year. We look forward to 2021, where we’ll reap the benefits of having pivoted our asset management model and laid the foundations to multi-asset growth with our integration with Interactive Brokers.”
Tradeslide/Darwinex’s income statement and balance sheet for fiscal 2020 follows: