Change at the Top of Assure Hedge
Posted by Colin Lambert. Last updated: February 9, 2022
Pritesh Ruparel has been named CEO of currency hedging technology provider Assure Hedge. He will assume the responsibilities from Barry McCarthy, company founder, who requested the change and will now focus on growing the embedded finance business, which the firm says is the “bulk of its addressable market”.
The company says the change coincides with a step-change in growth at Assure Hedge. Following completion of a successful funding round in mid-2021, which allowed the company to grow its team as well as launch X Hedge, its flagship solutions for FX hedging, the company’s growth accelerated significantly. It says income in H1 2021 grew at 627% compared to the prior year, while in H2 income grew at over 1,057% compared to a year earlier.
Ruparel joined the firm in mid-2021 after 11 years at Sucden Financial, where he was head of options, origination and structuring. “Assure Hedge has a fantastic value proposition and a huge market opportunity into which to expand,” he says. “Over the past six months, our team has done a great job of demonstrating that an end-to-end technology solution for hedging is extremely attractive. Our goal is now to go much further and build a leading high growth company.
“I look forward to ensuring the team has everything it needs to scale, and that we can make an impact to society by bringing our solutions to a broader range of companies whose customers need hedging solutions.,” Ruparel continues. “Barry and I have developed a great working relationship over the last six months, and I am confident that this change will allow us both to work together to our strengths, to make the biggest impact on the future of Assure Hedge.”
McCarthy adds, “Pritesh is the ideal person to lead Assure Hedge through its next phase. I have worked alongside Pritesh for the last six months and known him for many more. His passion, energy, leadership skills and knowledge of the hedging domain are truly impressive. Transitioning out of the CEO role now allows me to focus on the embedded hedging opportunity. Still today, fewer than 30% of SMEs use hedging services and, of course, an even smaller proportion of individuals. As a result, millions of businesses and billions of people are exposed to trillions of dollars of risk to their financial wellbeing.
“By introducing hedging into new distribution channels – such as accountancy services, online marketplaces, and relocation services – we can meet this protection gap,” he continues. “We can bring hedging to everyone.”