Exclusive: Exinity UK Revenues rise 23% in 2023 to £2.1 million
FNG Exclusive… FNG has learned via regulatory filings that Retail FX and CFDs broker Exinity UK Limited, the FCA regulated arm of Andrey Dashin’s Exinity Group, has seen a healthy 23% increase in Revenues in 2023, at £2.1 million versus £1.7 million the previous year.
However due to an increase in Admin Expenses, Exinity UK profit fell by 33%, to £213K versus £319K in 2022.
Exinity UK is an online financial services provider regulated by the Financial Conduct Authority, which acts as a matched principal broker in the retail CFD markets. The revenue of the Company derives from retail brokerage service charges received from an associated company, Exinity Limited (previously from Forextime Limited), under an agreement between these companies, as all client trades of the Company are matched with Exinity Limited in its capacity as the Company’s liquidity provider. Revenue is recognised from fees charged to Exinity Limited.
On 31 December 2023 the total assets of the Company were £7,412,264 (2022: £5,815,524) and its net assets were £5,423,890 (2022: £5,210,428). In 2023 the Company opened 347 new accounts, of which 190 had received funds deposited by clients before the end of the year.
Client money held by Exinity UK totaled £596K as at year-end 2023, up from £581K in 2022.
The Company was incorporated in February 2017 and received its FCA licence in February 2018, with the launch of its client trading platform following in April 2018.
The Exinity Group was launched in 2020, as an umbrella group comprising the various retail FX/CFD businesses owned by Andrey Dashin, including offshore brokerage brands FXTM and Alpari, and more recently the Nemo investing app and the Pulse gaming platform.
Exinity UK’s 2023 income statement and balance sheet follow.