KVB Prime UK rebrands to DCFX Europe as it hints at business recovery
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KVB Prime UK Limited has rebranded to DCFX Europe Limited. The company is rebranding its business after a turbulent period triggered by the COVID pandemic. The company’s house filing said it was now ready to continue with its operations.
KVB Prime UK rebrands to DCFX Europe
The filing noted that “for the past year and a half, like most of the long-standing companies, many businesses went into survival mode – cutting costs, laying off workers, and doing whatever it took to keep the doors open and stay in a position to reopen later.”
It further added that the company had the needed funding to continue operations and innovate in the post-pandemic era. During the pandemic period, the operations at the company were limited, but significant recovery could now be seen.
Some of the efforts that the company is currently making include business development. The key area of focus over the past year has been rebranding, and the company finalized the process in June 2022. The rebranding happened a few weeks after the Financial Conduct Authority approved an application seeking change over the control of the brokerage firm.
The new owners of the DCFX offering are still using the same business model used to provide spot forex exchange services. However, the brokerage firm will now pay more attention to attracting “higher quality retail clients.”
The firm is also considering working with a new liquidity provider who will enhance the company’s offerings. It plans to do this by replacing the existing liquidity provider or bringing the existing one as a backup for the company.
The Companies House filing has further said that the brokerage company will be launching a new set of forex and contracts for differences (CFDs) trading platforms that will be used by both retail and institutional traders. The company has also commenced talks with several payment solution providers to help ease payments and bolster security.
DCFX Europe’s 2022 financials
DCFX Europe expects its rebranding efforts and changed strategy for the year will enable the firm to turn its finances around. The firm released its financials for the year ending March 2022. The financial performance highlighted one of the most turbulent years for the company.
The company reported a 39% year-over-year drop in turnover during the period. The turnover dropped to £106,205. However, during the fiscal year, the company made some positive developments, such as onboarding new clients and refining the technology and the website used for registration and managing accounts.
The figures reported during the 2022 fiscal year also show that the firm closed the period with an operating loss of £508,626. This was a significant improvement as in the previous year, the company had reported an operating loss of £659,958. The loss drop could be attributed to the company slashing its administrative expenses from £659,958 in 2021 to £554,064 in the 2022 fiscal year.
