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ALT21 raises $21m to fund the growth of its hedging platform

By Gloria Methri

October 13, 2023

  • Advanced Computer Technology
  • ALT21
  • Embedding Hedging

ALT21, Hedging Technology, embedded Hedging, FinTech, UK, EuropeALT21, a London-based hedging technology company, has closed a $21 million (€19.4m) funding round, one of its largest pre-series A funding rounds in Europe this year, to support the next stage of its growth.

ALT21 operates an end-to-end digital hedging platform. This platform is provided to strategic partners, who use it to embed simple hedging products into their business, enabling their SME customers to protect themselves easily and cost-effectively against currency risks. In 2022, this business generated more than $8 million in operating income, a five-fold increase over the previous year.

The fundraise will help ALT21 to sustain its growth trajectory as it plans to broaden the base of strategic partners to reach a larger demographic of SMEs. It also plans to expand overseas, allowing it to work with strategic partners globally. In addition, ALT21 plans to license its software to a broader range of FinTechs and banks, enabling them to provide lower-cost FX services to their customers within their own regulated businesses.

Over the last 12 months, the company has invested heavily in its platform, improving automation and user experience, its operating infrastructure, and processes. Looking forward, the company plans to invest in artificial intelligence and machine learning to bridge the gap that exists between human interaction and trading apps for SMEs, bolstering products like its hedgucation suite of education modules.

Pritesh Ruparel, ALT21 CEO said, “I am really excited about the opportunity that lies ahead for ALT21. Our mission is to make things simple. We use technology to scale where others have added human capital, providing a highly automated service that cuts cost and complexity and gives value back to small businesses at a time when they need it most.”

“It’s a tough environment for raising money and, in this context, I really appreciate the continued support of our long-term investors and my Board, who recognise the size of the market opportunity as well as the progress we have made in maturing our business and platform. I look forward to showcasing to clients and select strategic partners the upgraded technology we have been working on.”

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