Alpha FX has launched its alternative banking platform for the alternative investment sector.
The provider of FX risk management and alternative banking solutions also intends to open an office in Luxembourg to show its commitment to the local market.
The move follows a successful ‘private launch’ of the platform within Alpha’s existing client base and the launch of ‘Version 2’ of the platform, released in May 2021.
Alpha’s institutional division was launched in 2017 and grew over 100% against H1 2020 and the firm decentralised its technology stack to develop a bespoke front and back-end platform solely focused on the industry, inclugin a dedicated in-house team for effective onboarding, settlement and compliance of funds and their investment entities.
Opening bank accounts and managing transactions is time-consuming, resource-intensive, and expensive, both for traditional bank providers but also the clients they serve.
Morgan Tillbrook, Chief Executive Officer of Alpha FX commented: “This launch is a direct result of our ability to attract top talent combined with our investment in technology. Adam Dowling, Managing Director of Alpha Platform Solutions, has been researching and developing our alternative banking strategy since joining in 2018, together with Sam Marsh who co-founded our institutional division.
“Opening an office in Luxembourg reflects our focus on further expanding in a measured way, concentrating on those areas and markets where we know that we can differentiate and therefore grow sustainably.”
Adam Dowling, Managing Director of Alpha Platform Solutions, said: “Our vision is to establish Alpha as a leading provider of alternative banking solutions to the alternative investment space.
“Today’s launch is the culmination of over two years of development work, an extensive research programme, and 10 years’ prior experience working in the alternative investment space. It’s also the result of a team that have been working tirelessly behind the scenes and I would like to thank everyone for their hunger, drive and commitment. As a Group, we are deeply committed to making a difference to Investment Managers of Alternative assets. Whilst the platform is setting new standards within the industry, we are still at the very start of our journey and will be continuing to invest to break new ground in the near future.”
Alpha FX is a profitable, well-capitalised and debt-free business listed on the London Stock Exchange, with a market cap in excess of £800m.
The firm prefers to work with a small number of high value clients and not get distracted by volume and scale, working with circa 750 businesses across 30+ countries.
The company can send and receive payments in over 160 currencies and has 4 regulatory licenses with the UK Financial Conduct Authority, and is also registered with FINTRAC in Canada.
