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Cyprus-based fintech secures top spot for third consecutive year in Deloitte Tech Fast 50 2023 ranking
Cyprus, May 7, 2024 – Capital.com, the high-growth global trading platform and fintech group, has announced that total client trading volumes will reach more than $1.2 trillion in 2023. This is of a 53% increase over the previous year and is the first time that client trading volumes have surpassed the $1 trillion mark since the company’s inception in 2016. This achievement highlights Capital’s ability .com to remain resilient and entrepreneurial, even amid broader market uncertainties. Affirming this strong and sustained growth trajectory, Capital.com has claimed the coveted top spot in the Deloitte Tech Fast 50 2023 ranking for the third time. consecutive year. The Deloitte Technology Fast 50 program celebrates and recognizes the fastest growing technology companies that are based in the Middle East or Cyprus. Capital.com has been ranked as the fastest growing technology company among the 50 nominees, with an unprecedented revenue growth rate of 4,011% over the past four years. Ariel Segev, Capital.com Group Chief Financial Officer, commented award:”It is a great honor to be recognized as the fastest growing technology company in the DME Fast 50 for the third year in a row. This victory demonstrates our tenacity and resilience as a high-growth financial technology company and we are very fortunate to being based in a dynamic and prosperous technology hub like Cyprus. With its enabling and business-friendly ecosystem, large talent pool and enabling legislation, Cyprus is the ideal jurisdiction for technology companies like ours to enhance their growth strategies. “This victory for the sector coincides with the most recent growth of the Capital.com platform. In the first quarter of 2024, the total trading volume on the platform reached $337 billion. In the same period, the number of active operators on the platform increased by 17% compared to the previous quarter. The vast majority of trading volumes came from clients in the Middle East, followed by Germany, Italy and the Netherlands. The two most traded markets by volume on the platform in the first quarter of 2024 were indices and commodities. More than 79% of the total volume traded on the platform in the first quarter corresponded to index-related markets, specifically the US Tech 100 (Nasdaq-100), the US30, the DE40 and the US500. In the words of Daniela Hathorn, analyst Market Report from Capital.com: “The hype around semiconductors moved into the first quarter of 2024, helping boost tech stocks and Nasdaq-listed U.S. tech companies. Traders also changed their mindset in the 1Q and began to welcome the resilience of US economic data, moving away from the ‘good data is bad’ rhetoric that dominated most of 2023. This allowed stocks to reach new highs, even if it meant they were less likely the Federal Reserve to begin cutting rates.”During the same period, trading volumes in commodity markets represented 58% of total traded volumes, making them the second most traded market by volume in the Capital.com platform. Trading volumes were largely concentrated in gold and crude oil. “Risk appetite was strong for most of the quarter, a key driver of the equity rally. That said, escalating geopolitical tensions led investors to diversify their portfolios, causing gold to appreciate more than 10% in the first three months of the year as demand for safe-haven assets increased. Meanwhile, continued attacks on Russian refineries and fear. supply resulting from the conflict in the Middle East have driven up oil prices,” Hathorn added. Learn more here.
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