Exclusive: Darwinex revenues up 12% in 2021 to €5.3 million
FNG Exclusive… FNG has learned that FCA licensed, social trading focused Retail FX and CFDs broker Darwinex posted a healthy rise in revenues in its fiscal year ended June 30, 2021.
Revenues at Tradeslide Trading Tech Ltd, which operates under the Darwinex brand, came in at €5.3 million (USD $5.9 million) for 2021, up by 12% over 2020’s €4.7 million. Net profit, however, was down slightly to €225,000 from €470,000 in 2020, as costs continued to rise as the company grew.
Darwinex noted that trader equity was up 23% year-on-year in 2021, after rising by 25% in 2020. The majority of the group’s revenues (77%) were generated by clients in Europe.
In terms of accomplishments over the year, the company noted that it:
- integrated its technology back-end with Interactive Brokers;
- expanded its tradable asset universe to include futures, equities and ETFs – to broaden commercial appeal with traders, investable managers and investors;
- introduced a new SaaS / B2B offering, to target professional managers and independent financial advisors;
- secured EU regulatory permission in Spain, for the group to resume marketing investment upon reception of the regulatory license.
Darwinex is a technology provider helping traders develop their skills and build a verifiable track record. Its technology is bolted on to its exchange, providing traders with regulatory cover to charge a 15% success fee. Founded in 2012, Darwinex employs more than 40 people across its London headquarters and development offices in Spain. Right after the end of Fiscal 2021 Darwinex raised €3 million in additional growth funding.
Tradeslide/Darwinex’s income statement and balance sheet for fiscal 2021 follow: