Dublin fintech firm Alt21 has raised a further $12.5 million (€11.4 million) in funding as it attempts to become a big player in the foreign exchange (FX) payments market.
The company, which utilises high-frequency trading technology to streamline the FX process and reduce costs, said it would use the additional funding to extend its global reach and “introduce new products beyond FX”.
“The investment was secured in an oversubscribed funding round from a network of super angel investors, many of whom bring extensive experience in scaling businesses globally,” it said.
The Enterprise Ireland-supported business has raised $44 million to date.
Its growing list of investors includes former KPMG Ireland partner and Dublin Chamber of Commerce president Eoghan Quigley and the chief executive of social media intelligence group Brandwatch, Giles Palmer.
Chief executive 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.
‘My plan is to make sure Smurfit Westrock is one of the great companies of the world’
“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.”
The global cross-border transactions market is estimated to be worth more than $150 trillion.
“Businesses are facing higher levels of geopolitical and financial volatility than ever, increasing their operational costs,” said Alt21 chairman Richard Hayes. “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.”
