Bound · FX specialists
Bound review
Bound is a London fintech, founded in 2021 by CEO Seth Phillips, that automates FX hedging for small and mid-sized businesses. It connects to your invoices, payroll and purchase orders to measure your currency exposure, then hedges it with open or closed forwards, including non-deliverable forwards, and forward-limit and forward-stop orders across 35+ currencies.
Who Bound is best for
SMEs with international revenue or costs, finance teams without a treasury specialist and saaS companies earning in foreign currencies.
Businesses only needing occasional spot transfers.
Bound is a London fintech, founded in 2021 by CEO Seth Phillips, that automates FX hedging for small and mid-sized businesses. It connects to your invoices, payroll and purchase orders to measure your currency exposure, then hedges it with open or closed forwards, including non-deliverable forwards, and forward-limit and forward-stop orders across 35+ currencies.
It’s built for companies without an in-house treasury team, and lets you adjust or cancel hedges rather than locking you into rigid contracts. Bound raised a $24.5M Series A in February 2026 and traded nearly $2 billion in 2025.
What could a currency move cost you?
October 27, 2026 · Bank of Canada
Today this payment costs about £187,704
A forward contract could lock today’s rate for this payment, due in 3 months, so the cost can’t rise.
Scenarios show what a move of that size would cost; they are not a forecast. Forward rates include the provider’s pricing and an interest-rate adjustment.
Ways Bound protects your rates
Forward contracts
Lock today’s rate for a payment due later, so a known cost can’t rise.
Fees, features and eligibility
| Hedging tools | Open and closed forwards (deliverable and non-deliverable), forward-limit and forward-stop orders; hedges can be adjusted or cancelled |
|---|---|
| Fees | Transparent pricing |
| Provider type | FX hedging fintech |
| Currencies | 35+ deliverable currencies |
| Who can use it | Small and mid-sized businesses with international revenue or costs |
Source: Bound published product information.
What stands out
Pros
- Automated hedging linked to your data
- Forwards including NDFs
- Hedges can be adjusted or cancelled
Cons
- Younger company than traditional brokers
Bound: common questions
What does Bound do?
It automates FX hedging, connecting to your invoices, payroll and purchase orders to measure and hedge currency exposure.
What hedging tools does Bound offer?
Open and closed forwards, including non-deliverable forwards, plus forward-limit and forward-stop orders.
Can I change a hedge with Bound?
Yes. Bound lets you adjust or cancel hedges rather than locking you into rigid contracts.
Used Bound? Help other businesses choose.
