Assure Hedge, the Irish-owned currency protection company has announced they have secured a total of €2.05 million in funding following an additional €500K investment from the newly appointed chairman of the board, Richard Hayes, Chair of Global shares and former founder and CEO of IFG Group. They plan to raise further investment in mid-2019.
Speaking on his Assure Hedge investment, Richard Hayes stated, “I feel privileged to have joined such a talented Board of Directors and to have been appointed chairman. Assure Hedge provides a unique low-cost protection against currency volatility which can be of benefit to practically every company worldwide which deals outside its own currency jurisdiction either as an exporter, importer or service provider. The opportunities are limitless. To have spotted the market opportunity and to have navigated the regulatory hurdles so successfully is an enormous credit to the CEO Barry McCarthy.”
This additional investment has cemented plans to expand the UK office in Q1 strengthening Assure Hedge’s presence in the UK following a recent rigorous regulatory process with the Financial Conduct Authority (FCA) in which they have successfully secured approval to become a Client Money Firm.
“Assure Hedge is now a MiFID authorised broker for currency options authorised to conduct business in 31 European countries and also regulated to hold client money. This is an important development for Assure Hedge and a major coup for the company’s management team. The next stage in regulatory approval, which is well underway, is Assure Hedge’s application under the Payments Services Directive. The rare combination of both MiFID and payments regulatory authorisation, coupled with our groundbreaking technology, enables us to build truly transformative currency hedging products for our customers” said CEO and Founder of Assure Hedge, Barry McCarthy.
Assure Hedge has recently signed two partnership deals with significant currency players in the UK. Speaking on these partnerships, Barry McCarthy stated, “Currency brokers in the UK are seeing the value of building on top of the Assure Hedge platform. Utilising our regulated hedging infrastructure, a currency broker can bolt on new risk management products for their customers in a matter of weeks versus years.”
In 2018 Assure Hedge doubled its employees in Ireland and between further hires in progress in Ireland and the expansion of UK operations, they are on track to once again double their workforce in 2019.