UK-based FCA-regulated broker GKFX Financial Services limited, known by its GKFX brand, has raised £3.5 million ($4.34 million) in a third fundraising round, as it may seek to expand its business and attract more customers, according to a corporate filing to the UK Companies House.
GKFX’s CEO Serkan Arli and Kasim Garipoglu, the second controlling shareholder, co-led the round, bringing the post-money aggregate nominal value of the company to £27.852 million ($34.612 million). In return, GKFX has allotted 3,500,000 ordinary stocks for Kasim and Serkan, the nominal value of each share being £1.
GKFX has secured investments from its owners in two previous funding rounds which included £2.323 million ($2.886 million) in September 9, and £714,608 ($887,959) in September 5, 2016.
FBS Receives Best Forex Broker Europe 2019 Award by The European MagazineGo to article >>
In addition to the new cash, Kasim Garipoglu and Serkan Arli will remain the only directors and owners of GKFX and will retain 100% voting rights.
The deal may be designed in part to relieve some of the pressure triggered by an influx of a series of senior level departures which saw its London based Managing Director Joe Rundle parting ways with the company after only two weeks with the brokerage.
The FX and CFDs provider will have now more funds to spend on expansion, and possibly ink more high profile sponsorships to enhance its reputation as a stable brokerage firm.
Finance Magnates reported exclusively about GKFX back in September when the company onboarded Brian Myers, the former OANDA Europe Vice President (VP), as its newset CEO following a number of recent moves at the broker.