ALT21, a financial technology firm specialising in foreign exchange (FX) transactions, hedging, and payments, has raised $12.5m in an oversubscribed Series A funding round.
The latest investment brings its total funding to $44m and marks a significant step in the company’s expansion efforts.
The funding round was backed by a network of super angel investors, many with extensive experience in scaling global businesses. This approach to securing capital positions ALT21 among the largest Europe-based firms to raise funding through super angels, it claims.
ALT21 leverages high-frequency trading technology to automate FX processes, reducing operational costs and providing businesses with cost-effective and transparent solutions. The platform is designed to streamline key steps in FX transactions, making them more efficient and accessible compared to traditional providers.
With the fresh capital, ALT21 plans to accelerate global expansion, enhance its go-to-market strategy, and introduce new financial products beyond FX.
ALT21 CEO Pritesh Ruparel said, “We’re excited to have secured funding from a diverse group of investors who share our vision. 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. We have been overwhelmed and delighted that so many experienced investors recognise the potential of the company and want to be involved.
“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. We have developed our platform based on methods used by prolific high-frequency leading HFT trading firms which dominate the most sophisticated end of the FX market.”
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