Image: © Nuthawut/Stock.adobe.com
The company’s CEO said it should be thought of as ‘the Stripe for hedging’.
Dublin-based Alt21 has secured $12.5m in an oversubscribed Series A funding round from a network of super angel investors.
Launched in 2016 by former financial derivatives trader Barry McCarthy, the company offers a digital hedging platform to help companies protect themselves against currency risks.
With technology used in high-frequency trading, the company automates the key steps in foreign exchange (FX), which aims to reduce operating costs.
Formerly known as Assure Hedge, Alt21 has raised a total of $44m. The latest funding will be used to accelerate its global expansion, scale its go-to-market strategy by growing its sales and marketing teams and develop new products beyond FX.
Alongside the fresh backing from super angel investors, Alt21 is also adding industry leaders to its board, including Giles Palmer, the CEO of Brandwatch, and Eoghan Quigley, former senior partner at KPMG and president of the Dublin Chamber of Commerce.
Pritesh Ruparel, CEO of Alt21, said the team has been “overwhelmed and delighted” that experienced investors want to get involved in the company.
“In an increasingly volatile world, the pricing strategy of banks, brokers and fintechs remains opaque and expensive, there is an urgent need for a transparent, efficient alternative,” he said.
“Our newest solutions for business with recurring FX transactions are faster, more cost-effective and involve less steps than traditional providers – think of it like the Stripe for hedging.”
Richard Hayes, chair of Alt21 and former chair of Cork-headquartered fintech Global Shares, said he has never been more excited about Alt21’s potential.
“The last few months have set the tone for higher levels of volatility at a global level and as traditional providers struggle to innovate, many businesses remain under or poorly served,” he said.
“Alt21 is uniquely positioned to cut through this complexity and deliver unparalleled cost and time savings to enterprises worldwide. I am honoured to chair such a dynamic and accomplished board.”
In October 2023, the fintech closed at $21m funding round, having doubled its R&D headcount to 37 people the previous year.
Don’t miss out on the knowledge you need to succeed. Sign up for the Daily Brief, Silicon Republic’s digest of need-to-know sci-tech news.
