Introducing FCA-regulated BnkPro, FxPro and their partner FairFX

BNKPro Ltd, an e-money institution regulated by the FCA, is part of the FxPro Group. The company has an interesting history. Until October 2019, the company traded as Hermex International Limited with the trading name HermexFX (www.hermexfx.com) and was part of the FXPro Group. In August 2019, FCA-regulated FairFX Plc acquired the payments business of HermesFX. HermesFX became FairFX. The company was later renamed FXPro Invest Ltd before a new renaming to BNKPro Ltd in January 2021.

BNKPro Ltd, an e-money institution regulated by the FCA, is part of the FxPro Group. The company has an interesting history. Until October 2019, the company traded as Hermex International Limited with the trading name HermexFX (www.hermexfx.com) and was part of the FXPro Group. In August 2019, FCA-regulated FairFX Plc acquired the payments business of HermesFX. HermesFX became FairFX. The company was later renamed FXPro Invest Ltd before a new renaming to BNKPro Ltd in January 2021.

Key data

Trading names	BnkPro HermexFX
Domain	https://www.bnkpro.com/
Legal entity	BNKPro Ltd (prev Hermex International Limited FXPRO Invest Ltd)
Jurisdiction	United Kingdom
Regulator	UK FCA with reference number 900870
Related individuals	Denis Sukothin aka Denis Sukhotin Marios Demetriades Kyrillos Kyriacou Charalambos Psimolophitis Pavlos Argyrou Eduardo Gavotti-Duque
Related companies	FXPro UK Ltd (UK) FXPro Global Markets Ltd (Bahamas) Equals Group Plc (UK) FairFX Plc (UK)

The narrative

BNKPro d/b/a BnkPro (www.bnkpro.com) is controlled by Hermex Holdings Limited, which holds more than 75% of the shares. According to Companies House, the beneficial owner is Denis Sukothin, a Cypriot. living in Monaco.

BNKPro Ltd and FxPro UK Ltd jointly operate the BnkPro website and offer a range of payment and investment services. They also offer their own BnkPro MasterCard and an investment and trading app. BnkPro sponsors the McLaren Formula 1 team as well as the Yacht Club of Monaco where Denis Sukothin reportedly resides.

The FairFX transaction

FairFX is part of the AIM-listed Equals Group. Experienced readers of financial statements should assume that the sale of BNKPro Ltd‘s HermexFX forex payment business to FairFX in 2019 will be presented in the same way in the balance sheet of both companies. In fact, in the balance sheet of BNKPro, under article 8. Discontinued Operations, one can find the revenue of GBP 2M booked. With the sale of the business, BKNPro made a profit of GBP 1.166M in 2019. In previous years, the company had accumulated hefty losses.

Kyrillos Kyriacou (LinkedIn), CEO and founder of HermexFX, has joined the Equals Group as Business Growth Director.

While the financial statements of FairFX Plc for 2020 provide a detailed explanation of the transaction, no explanation is given in BKNPRo‘s financial statements. The company is apparently a cash burner. The 2020 financial statements show a negative cash flow from operating activities and a loss of just under GBP 473k. Without the transaction with FairFX, the company would probably would have needed fresh equity.

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