FNG Exclusive… FNG has learned that Retail FX and CFDs broker Trive has applied to cancel the FCA license of its UK subsidiary Trive Financial Services UK Limited, as the group prepares to depart the UK market.
The move comes after Trive Financial Services UK Limited, which operates under the Trivepro brand out of offices in London’s Canary Wharf district, saw the departure earlier this year of its CEO Adam Dougall, as well as institutional sales head David Papier who joined CPT Markets.
Shravan Joshi MBE, an elected member of the Court of Common Council for Bishopsgate Ward, in the City of London Corporation, has also stepped off the board of directors of Trive Financial Services UK Limited.
The application to cancel Trivepro’s FCA license was formally made on June 14, and is still pending. Trivepro has held its FCA license since 2010.
Interestingly, in its most recently reported financial period (2022) Trivepro saw a 9x increase in Revenues to £10.8 million, with Net Profit of £2.5 million. Trive UK has yet to report its 2023 results.
Trivepro is a multi-asset securities brokerage offering online financial services to financial professional and institutional investors, acting as the institutional brokerage arm of the Trive brokerage brand. We had exclusively reported in early 2023 that Retail FX and CFDs broker GKFX (and its institutional brokerage sister arm in the UK, GKPro) were both rebranding to Trive. That followed a 2022 restructuring at parent company Global Kapital Group in Turkey, which saw Global Kapital Group transfer ownership of its retail (GKFX) and institutional (GKPro) brokerage arms to Amsterdam based Trive, in which Global Kapital Group controlling shareholder Kasim Garipoğlu also has an interest.
The company’s Malta-licensed operation runs the Retail FX part of the business. That operation was renamed from AKFX Financial Services Ltd to Trive Financial Services Malta Limited as part of the aforementioned restructuring. The retail brand was then changed from GKFX to just Trive, and the institutional brand to Trivepro, operated out of the UK.
