A new broker in the Kenyan market called Empire FX is being backed by a major player in the local gambling industry.
Documents that TradeInformer has seen show that Chris Kaumbuthu owns 25% of Empire FX, which was launched six months ago and is licensed in Kenya by the local Capital Markets Authority.
The other owners, who also own 25% stakes in the business, are listed as Murtaza Ali, Miller Mworia, and Emran Sirmukh Khosla.
It is unclear if the Khosla listed on the documents is the same individual as local billionaire Imran Khosla.
The Betika! connection
Kaumbuthu is a major shareholder in Betika! – a company that is reportedly the largest betting company in Kenya.
Documents TradeInformer has seen show that Kaumbuthu owns approximately 32% of the gambling company, via holdings in a firm called Roamtech Solutions.
Betika! has taken hold of the iGaming market in Kenya over the last few years, with most reports claiming it is now the largest player in the market. It was also the first major company in the country to be owned locally.
SimilarWeb data shows that Betika! was the second-most visited website in Kenya last month.
Empire FX has hired several senior executives in the local market over the last couple of months. On Monday, TradeInformer reported that the broker had hired long-time Pepperstone executive Linda Nkatha Muriuki as its Head of Sales.
