Cyprus-headquartered brokerage IronFX has announced a major investment from a family office in the Middle East. The investment is said to be distributed to the company in three tranches with the first one already on its way and the rest pending regulatory approval.
The major institutional investment into the company comes at a critical time for the foreign exchange industry. Low volatility has been challenging for some brokers, while companies like Plus500 and Swissquote have been posting record results.
Markos Kashioris, CEO of IronFX, commented to Finance Magnates: “This year has been a record one for our firm both in terms of deposits and in terms of trading volumes. The IronFX brand has shown amazing resilience.”
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The deal was closed last week with the funds being designated for operational expansion. The company’s CEO said in an official statement that the company is entering into its next growth phase.
“Our ability to attract sizable investment and the quality and reputation of out new international partners demonstrates the significant strides made by the Company over the past years, as well as its current position and future outlook. It also signifies an important foreign direct investment and a vote of confidence in the Cyprus financial sector,” stated Kashioris in the statement.
The company states that it will be boosting its own technological and operational resources, while opening the door for M&A growth opportunities. IronFX is said to be already looking into buying client books and adding new brands to its portfolio.
IronFX is already running subsidiaries across four regulatory jurisdictions. The company’s main business subsidiary is the FCA-regulated entity 8SAFE. Another portion of its business is also being operated by ASIC-regulated GVS (AU) Pty Limited, which is behind the FXGiants brand name.