Bound
Bound is a UK-regulated fintech offering an automated FX hedging platform — ranging, averaging, and forwarding strategies across 36+ currencies — to international growth-stage businesses and venture funds that lack dedicated treasury teams, monetising via pay-as-you-go transaction fees.
- Company typePrivate
- Founded2020
- HeadquartersLondon, United Kingdom
- Headcount1–10
- GTM typeB2B
- OfferingSoftware
What Bound does
Bound (legal entity Bound Rates Limited) is a UK-regulated fintech founded in 2020 by Seth Phillips and Dan Kindler that operates an automated FX hedging platform for international businesses without dedicated treasury teams. The platform delivers automated strategies — Ranging (range-bound protection via stop/limit orders), Averaging (time-sliced conversion smoothing), Forwarding (triggered forwards), trailing stops, and custom tagging — across 36+ currencies, with multi-currency wallets, international payments with same-day settlement, and integrations into Xero, NetSuite, and QuickBooks. A Business API allows third parties to embed Bound's hedging logic, and an AI assistant called Hedgewick supports user queries on FX and platform features.
The company makes money on a pure pay-as-you-go transaction-fee model with no setup, monthly, or hidden fees; pricing scales on annual FX flow volume from 0.10% spot / 0.45-0.75% hedge at the entry tier down to 0.03% spot / 0.25-0.50% hedge at the $250M+ tier. Distribution is a hybrid of self-serve onboarding (3-4 day compliance) and sales-led demo booking, primarily targeting UK-headquartered and European growth-stage SaaS, fintech, and venture capital firms.
Bound is FCA-authorised as an investment firm (FRN 966723) and Electronic Money Institution (FRN: 1036025), ISO 27001 certified, and FSCS-eligible for client money up to £120,000. The company has raised $31M across a $6.5M seed (2021, Valar Ventures-led) and a $24.5M Series A (February 2026, AlbionVC-led), and processed roughly $2B in trading volume in 2025 versus ~$1B in 2024.
Bound firmographics
Firmographics- Name
- Bound
- Legal name
- Bound Rates Limited
- Website
- https://bound.co
- Company type
- Private
- Founded year
- 2020
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Bound is a UK-regulated fintech offering an automated FX hedging platform — ranging, averaging, and forwarding strategies across 36+ currencies — to international growth-stage businesses and venture funds that lack dedicated treasury teams, monetising via pay-as-you-go transaction fees.
- Ownership category
- akta.pro rank
Bound industry classification
Industry- Product category
- FX Risk Management Software
- NAICS
- Commodity Contracts Intermediation (52316), Securities and Commodity Contracts Intermediation and Brokerage (5231), Commodity Contracts Intermediation (523160)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- FX Conversion, Pricing & Hedging Infrastructure (Treasury/Rate Engines) (FSAGAKAG)
- akta.pro secondary industries
- FX Electronic Trading Platforms (Spot/Forwards/Swaps) (FSAFANAC), Multi-Currency Accounts, Wallets & FX Management (Consumer/SME) (FSAGAKAF), FX Swaps & Forwards Trading Venues (FSAFADAG)
Keywords
Where Bound is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Offices1 record
Markets served
Bound business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure
Revenue model
- FX Transaction/Flow Pricing: Pay-as-you-go transaction-based pricing on FX flow. Customers pay fees on the volume of FX transactions executed. No setup fees, no monthly fees. Pricing tiers based on annual FX flow volume with decreasing rates at higher volumes. Revenue is generated from the spread/fees on spot transactions, hedging strategies, and international payments.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Entry tier for annual FX flow $0-20M: Spot 0.10%, Hedge 5% margin 0.45%, Hedge 0% margin 0.75% |
| Transaction based/ take rate | Pay-as-you-go | Growth tier for annual FX flow $20-50M: Spot 0.08%, Hedge 5% margin 0.40%, Hedge 0% margin 0.65% |
| Transaction based/ take rate | Pay-as-you-go | Mid-market tier for annual FX flow $50-100M: Spot 0.06%, Hedge 5% margin 0.35%, Hedge 0% margin 0.60% |
| Transaction based/ take rate | Pay-as-you-go | Upper mid-market tier for annual FX flow $100-250M: Spot 0.05%, Hedge 5% margin 0.30%, Hedge 0% margin 0.55% |
| Transaction based/ take rate | Pay-as-you-go | Enterprise tier for annual FX flow $250M+: Spot 0.03%, Hedge 5% margin 0.25%, Hedge 0% margin 0.50% |
Go-to-market motion2 records
Distribution channels3 records
Marketing channels6 records
Bound product offering
Product offeringCore offering
Bound provides an automated FX hedging platform that enables businesses to manage currency risk across 36+ currencies without dedicated treasury teams. The platform executes spot transactions, forwards, NDFs, averages, swaps, and limit orders through three proprietary strategies—Ranging, Averaging, and Forwarding—supported by multi-currency wallets, international payments, and an AI chatbot.
Product overview
Bound offers a unified FX hedging platform consisting of the core Bound FX Hedging Platform for automated currency risk management, supplemented by Hedgewick (AI chatbot assistant) and a Business API for product integration. The platform supports three main hedging strategies—Ranging, Averaging, and Forwarding—that allow businesses to protect revenues and margins from currency volatility without requiring specialist trading expertise.
Differentiator
Problem solved
Functional benefit
Products and services
- Bound FX Hedging Platform Core automated FX hedging platform that enables businesses to manage currency risk across 36+ currencies using Ranging, Averaging, and Forwarding strategies, multi-currency wallets, spot transactions, forwards, NDFs, swaps, limit orders, and international payments with transparent pay-as-you-go pricing.
- Hedgewick AI Chatbot AI-powered chatbot assistant that answers customer questions about Bound platform features and FX-related topics using natural language processing.
- Bound Business API API integration solution that lets businesses embed Bound's FX hedging and exposure calculation capabilities directly into their own products, ERP, or accounting workflows.
Quantifiable outcome
- 83.79% average risk reduction (VAR reduction of averaging programs)
- +7 more outcomes
Companies that use Bound
Customer profileNamed customers9 records
Segments3 records
Ideal customer profiles3 records
Bound technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration3 records
AI capability6 records
Feature10 records
Bound partnerships and signals
Strategic signalScale indicators7 records
Recent moves8 records
Expansion highlights6 records
Bound competitors and assessment
Company assessmentDirect peers
- iBanFirst: iBanFirst is a European fintech offering multi-currency accounts and FX hedging products aimed at SMEs and mid-market corporates operating internationally — closely matching Bound's core use cases.
- Moneycorp: Moneycorp is a long-standing FX specialist serving SMEs and private clients with currency risk products, payments and travel money. It is comparable as an established SMB FX hedging alternative.
- OFX: OFX is a global FX and payments specialist serving businesses and individuals with currency risk products including forwards and contracts. Both Bound and OFX target SMEs without in-house treasury teams.
- Kantox: Kantox is a UK/Europe-headquartered FX risk management platform built for SMEs and mid-market companies, offering automated hedging and treasury workflows. It competes most directly with Bound for the cross-border SaaS/SMB segment.
- WorldFirst (Ant Group): WorldFirst provides international payments and FX solutions to cross-border SMBs, originally founded to serve marketplaces like Amazon sellers. It is a comparable SMB cross-border FX and payments provider.
- ClearCurrency: ClearCurrency offers transparent business FX and international payments to SMEs with limited FX needs. It competes with Bound on simple pricing, fast onboarding and absence of hidden bank markups.
- Ebury: Ebury provides international payments, FX hedging and trade finance to SMEs and mid-market firms across Europe. Like Bound, it focuses on cross-border businesses needing transparent FX pricing and risk tools.
Broad incumbents
- Revolut Business: Revolut Business offers multi-currency accounts, international payments and FX for SMBs and freelancers across Europe. It is one of Bound's named competitors for cross-border finance teams.
- Wise (formerly TransferWise): Wise offers multi-currency business accounts, spot FX and international transfers at transparent pricing. While broader than Bound, Wise Business is explicitly named by Bound as a competitor for transaction FX.
- Airwallex: Airwallex is a global cross-border financial platform with multi-currency wallets, payments and increasingly treasury tools for businesses — overlapping with Bound at the SMB and mid-market FX layer.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights6 records
Customer concentration
Bound social profiles
Digital presenceBound compliance and trust
Trust signalCompliance4 records
Bound financial estimates
Financial estimateRevenue estimate
Valuation estimate
Bound leadership team
Management profileNumber of profiles
Profiles9 records
Bound funding detail
Funding detailFunding overview
Funding rounds2 records
Investors9 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Bound M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Bound
What does Bound do?
Bound provides an automated FX hedging platform that enables businesses to manage currency risk across 36+ currencies without dedicated treasury teams. The platform executes spot transactions, forwards, NDFs, averages, swaps, and limit orders through three proprietary strategies—Ranging, Averaging, and Forwarding—supported by multi-currency wallets, international payments, and an AI chatbot.
Is Bound a public or private company?
Bound is a private company. It is classified as venture growth investor backed and is currently operating.
When was Bound founded?
Bound was founded in 2020. It employs 1 to 10 people.
Where is Bound based?
Bound is headquartered in London, United Kingdom, in the Europe region.
How does Bound make money?
One revenue line is on record: FX Transaction/Flow Pricing.
Who are Bound's main competitors?
Direct peers on record are iBanFirst, Moneycorp, OFX, Kantox, WorldFirst (Ant Group), ClearCurrency and Ebury. Broad incumbents are Revolut Business, Wise (formerly TransferWise) and Airwallex.
Does Bound have an API?
Yes. Bound offers an API for business integration, enabling companies to integrate Bound's FX hedging capabilities straight into their own products. The API allows automated FX exposure calculation and seamless connection with accounting software.
What industry is Bound in?
Bound's product category is FX Risk Management Software. Its primary akta.pro industry code is FSAGAKAG, FX Conversion, Pricing & Hedging Infrastructure (Treasury/Rate Engines), with a secondary code of FSAFANAC, FX Electronic Trading Platforms (Spot/Forwards/Swaps). Its NAICS code is 52316 and its SIC code is 6200.