Conotoxia, the retail trading arm of the major Poland-based fintech, Cinkciarz.pl, has reported significant growth in 2022, with revenues and transaction volumes soaring compared to the previous year. The group's overall foreign exchange (FX) transaction turnover reached $8.29 billion, reflecting a solid performance across all its companies and services.

Record-Breaking Results for Conotoxia Holding Companies

In 2022, Conotoxia's currency exchange turnover increased 5% from $7.46 billion reported in 2021, reaching $8.29 billion. As for the other statistics, Conotoxia does not provide exact figures, only percentages and multipliers by which they managed to improve their results in the remaining business areas. The number of active client accounts reached an all-time high, growing almost 2.5 times.

The company's money transfer service revenue grew 24%, while the number of transactions surged 60%, and their value jumped over 40% compared to the previous year.

In addition, the multi-currency card category experienced visible growth, with revenues increasing 4.5 times, a 4-fold rise in the number of card transactions, and triple their values compared to 2021.

Turnover in the lending service nearly doubled in 2022, with an 80% increase in granted loans. This significant rise was mainly due to loans in foreign currencies, which were given out almost 2.5 times more than in the previous year.

"It is essential for us to consistently expand in all areas of our business," Marcin Pioro, the CEO of Conotoxia Holding, commented. "Conotoxia's offer makes it possible to manage everyday finances in various currencies conveniently, quickly and universally."

Pioro emphasized that the Conotioxia Group is currently working on other domestic and international projects with plans for further global expansion and significant growth in revenue and turnover across all segments. Conotoxia aims to maintain its position as the leader in multi-currency services in Poland and expand its reach globally.

Additionally, the B2B segment achieved its best results in history, with business customers increasingly adopting the fintech payment system for e-commerce, Conotoxia Pay. Both revenue and turnover in this segment increased almost 2.5 times in 2022 compared to 2021, while the number of transactions rose by over 2.5 times.

Conotoxia's Important Updates

Less than a month ago, Conotoxia announced the launch of an innovative investment advisory service for individual traders in the contracts for difference (CFD) industry. According to the broker's representatives, a similar service was never available in this form, eliminating the entry barrier almost entirely.

According to the official announcement seen by Finance Magnates, the advisory service enables retail traders to receive individual investment recommendations on selected financial instruments.

"The introduction of the investment advisory service is another significant step in the development of the Invest & Forex segment," Grzegorz Jaworski, the CEO of Conotoxia Ltd. (Cinkciarz.pl's investment service), commented. "We believe that the knowledge and experience of advisors can help our clients build their own professional investment portfolios and make informed and accurate decisions."

In 2021, the company declared the formation of a local branch in Poland to initiate its expansion into Europe. The company obtained a license from the Polish Financial Supervision Authority (KNF) to provide investment services to its clients.

As of early 2023, Conotoxia appointed Ireneusz Pukin as the new Director of its Polish branch, taking over from Daniel Kostecki, who had been leading the unit since its inception in 2021.

BDSwiss and XS.com Executives; Mauritius FSC Warning; read today's new nuggets.