Bound’s founders built software for professional risk managers and traders from some of the largest corporations in the world. Their tools processed tens of thousands of trades per day worth trillions of pounds.
As UK businesses wrestle with soaring inflation and the unwelcome return of volatile exchange rates, hundreds of thousands of SMEs remain unprotected from currency movements. While 94% of the world’s largest 500 companies use hedging to manage their currency risk, only 4% of UK SMEs currently protect themselves in this way.
Bound is an intelligent hedging platform that makes it simple and quick for any business to shield itself from yo-yoing exchange rates.
It offers a range of automated hedging tools that allow any firm making overseas payments to lock into the best exchange rates and protect its bottom line if a currency’s value moves against them. It integrates with the accounting systems most commonly used by SMEs.
Bound is based in London.
Founder Seth Phillips: “Hedging with the big banks and forex brokers has traditionally been confusing and complicated, with processes designed for finance professionals rather than businesses. In addition, the predatory business practices used by some providers have scared many SMEs away from hedging. That’s where Bound comes in. Our mission is to use the power of tech to make hedging as accessible for everyday businesses as it is for the blue chips. Our always-on platform is a jargon-free zone and takes just minutes to set up, and once it’s running it works 24/7 to shield SMEs from currency volatility and lock in the best possible exchange rates.”
Snowfall Travel founder and CEO Stefan Cars: “The travel industry is rife with currency risk but Bound makes that risk easy to manage for companies of our size. It’s a gamechanger for any SME trading internationally that is exposed to currency fluctuations. Best of all, it’s affordable, easy to set up and totally free of all finance jargon.”