Existing shareholders of Valutracks Limited, the London-based entity that operates broker brand Valutracks, have injected £823,499 (about $1 million) into the company and issued new shares, according to new documents from Companies House.。The company will use the funds to rebrand。

Rebranding is imminent

"The additional funding will be used to support a number of new improvements and developments, including a global rebranding and an entirely new technology stack.。Graeme Watkins, CEO of Valutracks, said: "We can't wait to share more information in the coming months.。"

The new funds came from existing shareholders led by Anil Bahirwani, founder of Valutrades, and several other financial services companies.。Existing investor Aman Lakhiani and Watkins, who has been CEO of the broker since 2015, continue to hold shares in the broker.。

The company's new shares were distributed on September 27, bringing the total share capital to £8.22 million.。

Significant revenue growth

The Valutrades brand has two operating licenses, one issued by the UK's Financial Conduct Authority and the other by the Seychelles regulator.。The services provided by the two entities are approximately the same: provision of foreign exchange margin and CFD trading services for other asset classes。

Valutracks website is available in five languages: English, Spanish, Portuguese, Mandarin and Japanese, and has a broad customer base worldwide。

Another recent corporate head office filing by Valutrades' UK entity shows its financial position for 2022: company revenue rose 45% to £6.48 million。While the company posted a gross profit of £3.5m, compared to £2.2m the previous year, expenses were significantly reduced, resulting in a pre-tax profit of £552,405, although it was still growing by about 19 per cent a year.。

As can be seen from the company's income statement, management expenses rose to £3m in 2022 from £2.6m in the previous year.。UK entity year-end net profit of £735,007 compared to 2021 loss of £471,549。

The end of 2022 and the beginning of 2023 highlight the instability of monthly income.。However, the overall performance so far this year has met the company's expectations, with good performance in March and April.。

"There are no signs of a slowdown in volatility, and the recent bank failures are the latest factor in continued increased volatility in global financial markets, which is expected to have a positive impact on Valutrades" profitability. "。"The relevant person in charge said。