TigerWit, a global foreign exchange (forex) broker based in the United Kingdom with roots in Asia, announced this Wednesday morning that it managed to achieve a robust 2018 in terms of growth across its key performance indicators.
Specifically, total revenue for TigerWit was $19.6 million in 2018, the company states. When measured against the previous year, which reported total revenue of $10 million, this is a significant increase of 96 percent.
Contributing to this uptick, was a strong uplift in client activity across the group, the company said. This can be seen in the client opening trade numbers, which grew by 68 percent year-on-year and end clients’ balances were also up by 38 percent when compared to 2017.
Over the past two years, TigerWit’s Chief Executive Officer (CEO) told Finance Magnates in September that it has been expanding its footprint – particularly in the European Union. However, this expansion has coincided with a rapidly-changing regulatory environment for brokers with the recent implementation of MiFID II.
Therefore, it’s solid results are even more notable, especially considering how many financial institutions and brokers struggled during the second half of the year.
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Commenting on the results, Tim Hughes, the CEO at TigerWit said: “2018 was a fantastic year for TigerWit and our global operations. Not only did we make a strategic acquisition and attract investment from the international technology group SIG, but we have seen revenues almost double for the year on the back of strong client acquisition and deposits.
“This is particularly pleasing to see given the regulatory backdrop and political uncertainty around Brexit. TigerWit is positioning itself as a global leader in the provision of online and mobile trading innovation.”
TigerWit plans further expansion
According to TigerWit’s statement released today, in 2019 the broker will continue to expand its footprint by securing more financial licenses, sign more partnerships and enter into new jurisdictions in the world.
Already, TigerWit is a sponsor of Liverpool FC, which the company believes was one contributor to its success in 2018. As Finance Magnates reported, in September TigerWit became Liverpool FC’s Official Online Foreign Exchange Trading Partner.
“Partnering with a Premier League football club and one with such a heritage as Liverpool FC is proving a successful part of our strategy to build TigerWit’s brand awareness. We are looking ahead to 2019 with great optimism too. Our plan this year is to grow our global footprint even further and we look forward to providing further updates throughout the year,” Hughes added.