ALT21 secures $21m in pre-Series A funding to scale its currency hedging platform.
The London-headquartered firm has closed one of the largest pre-Series A rounds in Europe this year with undisclosed backers.
≈ £17.2M at $1 = £0.8208 on 12 Oct 2023
ALT21 provides a cloud-based platform designed to make currency hedging accessible and straightforward for small businesses.
London-based currency hedging platform ALT21 has secured $21m in a pre-Series A funding round, ranking as one of the largest early-stage investments in Europe this year. The company intends to deploy the capital to accelerate its growth trajectory, expand internationally, and forge global partnerships while diversifying its strategic network.
Founded to simplify currency protection for small businesses, ALT21 plans to channel resources into artificial intelligence and machine learning to bridge the gap between human interaction and trading applications. The firm also aims to license its software to additional fintechs and banks, enabling them to integrate cost-effective foreign exchange services into their regulated operations.
The latest injection of capital follows a strong operational period for the business, which generated over €8m in operating income during 2022. ALT21 has previously focused its investments on platform automation, user experience, and team expansion, doubling its research and development headcount to 37 staff as part of a total workforce of 68 employees.
From the founder
"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."
Pritesh Ruparel
CEO at ALT21
Use of funds
- 01Expand into international markets
- 02Fund research and development
- 03Scale operations