Paris-based Defthedge, an application addressed to business leaders and CFOs facing the volatility of the foreign exchange market, announced that it has raised €900K in its ‘second’ round of funding.
The investment was finalized with business angels from corporate finance, banking, energy, and consulting, including BeAngels and Provence Angels.
Founded in 2017 and led by CEO Olivier Lechevalier, DeftHedge is a SaaS application that helps manage commodities and currency risks in economic and accounting decision-making.
The software is aimed at CFOs and corporate executives who deal with the volatility of the foreign currency market.
The company aims to assist businesses in managing their foreign currency risk in order to help them reach their objectives, which may include margin protection, lowering P/L volatility, safeguarding against economic risk, and/or preserving competitiveness.
Defthedge claims it is the industry standard for foreign currency and raw materials because of its assessment and management of negative market changes, the accuracy of its information, and its interface with regional banks and accounting and treasury software.
Defthedge claims it will use the funds to expand its commercial relationships with resellers and consulting companies, speed up its direct marketing to company treasurers and financial directors, and improve its interoperability with banks and software publishers.
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