FDCTech revenue jumps 1,980% YTD on the back of new wealth management business

Rick Steves

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.


    Read this next

    Retail FX

    Weekly Roundup: John Oliver rips into MetaTrader, Binance to pay $10 billion

    Welcome to this week’s roundup, where we delve into the latest developments in the Forex, Fintech, and cryptocurrency markets. Stay ahead of the curve with our comprehensive overview of the week’s most impactful events and trends across these dynamic sectors.

    Retail FX

    Lark Funding reopens to US traders, MyFundedFX picks cTrader

    Canada-based prop trading firm Lark Funding announced it will once again welcome clients from the United States.

    Institutional FX

    Cboe FX volume falls to lowest level since summer

    Cboe’s institutional spot FX platform, known as Cboe Spot, today announced its trading volume for the month ending February 2024, which took a step back after a strong rebound in December.

    Retail FX

    ThinkMarkets secures lucrative DFSA license in Dubai

    Melbourne-based broker ThinkMarkets has secured a license from the Dubai Financial Services Authority (DFSA) after it has already incorporated its new subsidiary in the Dubai International Financial Center (DIFC).

    Digital Assets

    New Horizen Lays Out Its Vision Of A Modular, Proof Verification Layer For Web3 Networks

    Horizen is forging a new path for the future of blockchain with its New Horizen initiative, which is building a modular Proof Verification layer that’s dedicated to verifying cryptographic proofs for any settlement layer, beginning with Ethereum. 

    Digital Assets

    Karma3 Labs Raises a $4.5M Seed Round Led By Galaxy and IDEO CoLab to Build OpenRank, a Decentralized Reputation Protocol

    Using OpenRank, developers and web3 companies can build consumer apps where people can discover, use, fund, read, or buy something on-chain without worrying about getting spammed or scammed.

    Digital Assets

    Worldcoin down as Elon Musk sues OpenAI CEO Sam Altman

    Worldcoin’s (WLD) token dropped following news of a lawsuit against related company OpenAI. The lawsuit was filed by Elon Musk and accused OpenAI and CEO Sam Altman of breach of contract.

    Institutional FX

    Exegy’s Liquidity Lamp adds intraday data to outperform S&P 500 by 31.8%

    Exegy has incorporated intraday signals into its AI-powered iceberg order detection tool, Liquidity Lamp. By adding intraday data to a baseline mean reversion strategy, Exegy’s model outperformed the baseline by 10.5% and the S&P 500 (SPY) by 31.8%, respectively in the out-of-sample testing.

    Industry News

    Think Elon Musk backed your crypto exchange? ASIC’s latest reveal may shock you

    In an absolutely shocking turn of events that nobody could have possibly seen coming, the Australian Securities and Investments Commission (ASIC) has bravely stepped forward to reveal that, yes, those videos of Elon Musk passionately endorsing a cryptocurrency exchange are as fake as a three-dollar bill.