FDCTech revenue jumps 1,980% YTD on the back of new wealth management business
FDCTech has reported a 1,980% revenue increase in the nine months ending September 30, 2022 compared to the previous period, with figures rising to $4,597,097 from $221,003.
The spectacular revenue growth follows the successful integration of the wealth management business by the fintech-driven company specializing in buying and integrating small to mid-size legacy financial services companies.
As a result, the net loss as a percentage of revenue decreased from 442.50% to 21.81% for the same periods. In absolute figures, net loss remained about the same: $1,002,849 (nine months ending September 2022) and $977,933 (nine months ending September 2021).
FDCTech acquired 80% of CIM Securities
On July 19, 2022, FDCTech signed a non-binding letter of intent to acquire eighty percent (80%) equity interest in CIM Securities, LLC (“CIM Securities”), a FINRA and SIPC member firm.
On September 30, 2022, the firm paid a $20,000 non-refundable deposit and transferred $180,000 to the escrow account to complete the transaction.
The FINRA Rule 1017 requires FDCTech to file continuing membership applications (CMAs) as it plans to apply for changes in ownership, control, and business operations. The firm plans to file the CMA form by the end of fiscal 2022.
The cash on hand was $246,064 as of September 30, 2022, compared to $93,546 on December 31, 2021, with total stockholders’ equity at $1,283,751 compared to $1,625,448 on December 31, 2021.
FDCTech entered Australia via Genesis Financial
Last year, FDCTech – formerly known as Forex Development Corporation – has acquired the whole equity of Genesis Financial in a move that allowed the California-based FX technology provider to bring its multi-asset trading platform to Australia and the APAC region.
Genesis now leverages FDCTech’s software to tap into the at least 10 million adults who are underserved or not served at all by the Australian Financial Advisors. The Australian Wealth Management industry generates close to $3.9 billion in annual fees as the ecosystem boasts more than 25,000 financial advisors managing 2.2 million investors.
FDCTech delivers trading technology solutions to forex market participants looking to access the retail and institutional spot forex markets. It was founded in 2016 by Mitch Eaglstein under the name Forex Development Corporation.
He launched the firm after three years at Boston Technologies, where he led the Prime Brokerage and eCommerce divisions. His career also includes two years at FXCM Systems as the CIO, where he provided white label and software development solutions to the trading company.
