Cyprus-based retail broker IronFX, announced that it has raised $100 million investment from a Middle East family office through a fund based in Singapore. Subject to regulatory approvals, the investment will be made in several tranches throughout the next twelve months. The initial investment into the company has already been completed.
The FX broker, founded in late 2010, may be used as a platform to further expand its global footprint within the FX industry. Besides aiming to expand its markets of coverage and launch additional brands, IronFX plans to acquire existing brands and books of business. In 2015, the broker attempted to acquire the insolvent Alpari UK.
Markos Kashiouris, Chief Executive Officer at IronFX, said:
Over the past eight years IronFX has established itself as a global retail FX business and brand focusing on quality of service, wide and sophisticated product range, impeccable execution and localized presence. We are now ready to expand our capital base to ensure the next phase of the company’s growth.
Our ability to attract sizeable investment and the quality and reputation of our new international partners demonstrates the significant strides made by the company over the past years, as well as its current market position and future outlook. It also signifies an important foreign direct investment and a vote of confidence in the Cyprus financial sector where the large majority of the company’s operations are located. This reflects the fact that Cyprus combines many favourable features that make it a unique investment destination since, among others, investment firms are subject to a robust fair and proactive supervisory environment.
We are pleased to be welcoming an institutional investor that shares our vision about the evolution of the market and our differentiated value proposition. The company is aiming at expanding its partnerships, brands, account management force, offices as well as effect further operational enhancements and automations that will drive both top and bottom line growth. IronFX will also be looking for acquisition opportunities in the broader retail and institutional FX sector.
IronFX has been collecting licenses from regulatory watchdogs throughout its history. In 2013, the company proved to be deserving of an ASIC license to operate in Australia. The broker also received an FCA license although its EU passport was obtained at the same time as its first CySEC license. In 2014, an FSB license allowed IronFX to operate in South Africa.
After an investigation by CySEC, IronFX reached a deal to pay €335,000 to settle all charges against the firm. In the same year, the firm voluntarily left the regulations in Russia, Germany, Italy, and New Zealand.
IronFX has enjoyed worldwide fame ever since it became one of the main sponsors of football team FC Barcelona in 2014.