Chinese online trading portal FX110 has very recently raised about $7.5 million (RMB 50 million) in a Series B funding round for the venture, Finance Magnates has confirmed with sources inside the company.
China is overwhelmingly considered to be the most lucrative market for online trading brokers and affiliates due to its huge growth potential and rapid expansion. Because of this for years already we have repeatedly seen international FX portals shifting their focus to the Asian giant and launching Chinese language services.
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The local Chinese ecosystem is already well established with multiple strong FX and Bullion portals, but until now we have not really seen a Chinese provider trying to break into the global markets and leave the comfort of their massive home country. This might finally change as now FX110 will use some of the newly raised funds to expand the promotion of its apps internationally.
Speaking with Finance Magnates FX110’s management explained the uses for the new funds: “We will continually invest in our Huixin Apps and marketing promotion, later we will launch our international Huixin, namely fxchat. By the way, we will quicken our English marketing promotion steps.”