Bound, which hopes to make currency hedging simple for SMEs, has secured $6.5m, in its seed funding.
The capital was supplied by Valar Ventures, Moonfire and Album VC. Investments were also made by some of the founders and investors behind Klarna, Stash, MX and Qonto, it said.
Bound states there is a major gap in the market. It claims that less than 5% of UK SMEs protect themselves from currency risk. A reason given for this is the complexity of hedging.
The FinTech company was created to help companies automate foreign exchange hedging.
Valar Ventures general partner James Fitzgerald said, “The market Bound is targeting is massively underserved and offers a huge opportunity for transformation. We believe Bound could become one of the major European FinTechs in the years ahead.
“The management team has a clear vision of where the company is going and what it’s out to achieve: Democratising currency hedging and making it easily accessible to SMEs, something that is insanely overdue.”
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