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October 16, 2023

London's ALT21 Secures $21M to Simplify Currency Hedging

In the face of financial challenges, London's ALT21 defies odds, secures $21 million to simplify currency Hedging

Amidst the challenging funding landscape, London-based fintech ALT21, which specializes in simplifying hedging solutions, has successfully raised $21 million in pre-Series A funding, marking one of Europe's largest pre-Series A funding rounds in 2023. While the investors behind this substantial investment remain undisclosed, the infusion of capital is set to propel ALT21's ambitious growth plans.

This significant funding boost will expedite ALT21's growth trajectory. The company's objectives include diversifying its pool of strategic partners to cater to a broader spectrum of SMEs, expanding internationally, and forging global partnerships. Additionally, ALT21 envisions licensing its software to a wider array of fintechs and banks, enabling them to provide cost-effective foreign exchange (FX) services within their regulated operations.

Since 2022, ALT21 has made substantial investments in its platform. Improvements in automation, user experience, operational infrastructure, and processes have been pivotal. The company has also doubled its Research and Development (R&D) headcount, bringing the total workforce to 68. Embracing the growing role of AI in various industries, ALT21 plans to invest in artificial intelligence and machine learning to bridge the gap between human interaction and trading apps for SMEs. This endeavor will strengthen products like the "hedgeucation" suite of educational modules.

ALT21 has transformed currency protection with "X Hedge," a cloud-based platform that allows businesses to sell protection against currency fluctuations in over 30 different types. This FCA-approved platform empowers partners to offer straightforward protection within their own services. It is designed to help SMEs easily and affordably mitigate currency risks. Partners benefit from increased revenue and greater customer satisfaction, fostering faster and more profitable growth.

In 2022, ALT21 generated over €8 million in operating income, a remarkable five-fold increase compared to the previous year.

Pritesh Ruparel, CEO of ALT21, expressed his excitement about the company's future. ALT21's mission is to simplify complex processes through technology, delivering highly automated services that reduce costs and complexity. The goal is to provide added value to small businesses, particularly during these challenging times.

Richard Hayes, Chairman of ALT21, emphasized the importance of this funding round as an external validation of the company's strategy, execution, and market opportunity. Despite the adversity faced by fintech companies due to rising interest rates, ALT21 remains resilient in its commitment to executing its mission and strengthening its platform.

Josefina Dipaolo
Josefina Dipaolo
Content Writer at TechNews180
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