Admiral Markets, a provider of foreign exchange (forex) and contracts for difference (CFD) trading, announced this Friday that it has invested €150,000 in Bankish, a digital solutions provider to the financial sector.
Bankish AS is an Estonian fintech company that offers deposit and loan management software with automated e-self-service to financial companies. With the help of Admiral’s investment, the company managed to secure convertible loans worth €300,000 in the funding round.
According to today’s statement, the broker made the investment to support Bankish’s growth and expansion into new markets. Boasting a team with experience at Nasdaq, Microsoft, Tieto, Swedbank and Telia, Bankish products cover numerous financial services, such as secured and unsecured loans, business loans, deposits and more.
Commenting on the investment, Sergei Bogatenkov, Chairman of the Management Board of Admiral Markets AS believes that Bankish is a distinctive company in the financial technology industry
“This partnership with Bankish aims at supporting the company’s faster growth and expansion to new markets, in order to provide suitable solutions to smaller market participants in Estonia and abroad,” said Bogatenkov.
According to Andrus Alber, the co-Founder of Bankish: “Digital solutions by Bankish are assisting financial companies in improving the efficiency of deposit and loan management and customer communication, to integrate the opportunities offered by open banking while responding to growing regulatory demands.”
Admiral Markets Closes 2018 on Strong Footing
Today’s announcement follows less than a month after the multi-regulated broker announced its solid 2018 financial results. As Finance Magnates reported, during 2018 Admiral Markets disclosed a net operating revenue of $27.5 million, which was up 25 per cent year-over-year from $21.9 million in 2017.
Furthermore, in 2018 the company reported a net profit of $10.8 million, which reflects a 58 per cent advance when compared with the $6.8 million it earned in the year prior.
The company attributed its solid revenues to higher trading volumes, the introduction of new products, and improved marketing efforts.