Exclusive: Valutrades shareholders inject £1.6M in new capital
Valutrades reported a £3.8 million loss in 2023, so the current capital injection will help shore up the company’s equity base.
Valutrades reported a £3.8 million loss in 2023, so the current capital injection will help shore up the company’s equity base.
We had exclusively reported earlier this year that Valutrades was laying off a number of staff as a cost-cutting measure.
SGX CurrencyNode seeks to become a leading anonymous Asian FX trading venue, especially in Asian emerging markets currencies.
Other Valutrades staff have been made redundant in roles such as customer support, operations and payments.
Liam Bonfield will be responsible for overseeing BidX Markets’ financial operations, including financial planning, reporting, and analysis.
Liam Bonfield joined Valutrades as CFO in 2016, after previously working at GMO Z.com and at London Capital Group.
Harry Campbell-Lamerton joined Valutrades in 2018 and served as the company’s Chief Operating Officer (COO) from 2018-2021.
The capital comes from existing shareholders led by Anil Bahirwani, the founder of Valutrades.
However retail client funds held at Valutrades fell by 26%, from £4.5 million as at year-end 2021 to £3.4 million in 2022.
Retail client funds held at Valutrades continued to rise, coming in at £4,530,431 as at year-end 2021, up 76% from £2,579,493 in 2020.