Polish FX Exchange Conotoxia Plans IPO after 2020 Revenue Surge

Turnover from its forex division surged six times last year.

Conotoxia Holdings, an operator of Cinkciarz.pl and a few other Conotoxia brands, announced on Thursday its intentions to become a public company after ending 2020 with an exceptional surge in revenue.

The group company’s business spans over a wide range of services, including currency exchange, money transfer, forex cards, and even payments, and it saw a surge in demand across all divisions. Though its base remains in Poland, the company is also expanding into Europe.

The company recorded a turnover of $6.44 billion from currency exchange transactions, which is 30 percent more than the figures achieved in 2019 and 54 percent higher than 2018.

The money transfer business of the group witnessed an 87 percent rise in transactions value, adding to the 37 percent revenue increase. Forex trading, which is offered under Conotoxia.com and Cinkciarz.pl, remained the strongest with a 362 percent year-over-year revenue increase.

Additionally, demand for its payments services skyrocketed with a 209 percent yearly increase in turnover, while the revenue stood 231 percent higher.

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Expanding Business in Many Areas

Conotoxia has further expanded its services last year, adding multi-currency cards and lending services to its offerings, all of which are showing impressive growth trends.

With its impressive revenue growth for the year, the company is now considering going public to attract new investors.

“Our financial results clearly show that the path we started 10 years ago has led us in the right direction. We are progressing in every sector, and above all, which pleases me the most, users appreciate our products and services as well as innovativeness,” said Conotoxia CEO, Marcin Pioro.

“We intend to focus even more strongly on business customers. This is a very important group for us. We are constantly expanding our portfolio of products and services, but also tools related to consulting for companies.”

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