Newsletter / FinanceMalta

Members Spotlight - Bracket Group

Alex , Co Founder at Bracket boasts 17 years of industry expertise , specialising in FX risk management.
During his tenure at AFEX and Argentex he successfully oversaw and ran teams that transacted over half a trillion USD in contracts. He has gone through the whole life cycle in Foreign Exchange starting from cold calling at the beginning of his career to a global director with Argentex most recently. He is well positioned to assist any company with regards to FX risk management.

For those who don’t know your company, can you provide some background?

Bracket Group is a pioneering fintech firm that specialises in Foreign Exchange middleware. We sit independently between Corporates, SMEs, and their bank or non-bank FX providers. Myself and Co-Founder, Pierre Anderson, have worked in the deliverable FX marketplace for a combined 30 years. Our Co-Founder and CTO, Martin Lee, has 18 years of experience delivering high-quality middleware technology for some of the largest hedge funds in the world.

We noticed that customer processes were extremely manual and time-consuming, with very little automation. Some of our larger customers were transacting in excess of £5BN in currency annually, yet still writing transactions down with pen and paper or manually keying them into Excel spreadsheets. Clients were suffering from a lack of quality middleware technology to assist with their daily workflows when managing FX risk. Currency fluctuations can have a huge impact on companies’ profit margins, and the wild swings in volatility can cause headaches for anyone managing it—whether it be a Finance Director, Treasurer, or CFO. We aim to build quality technology that makes FX easier to manage and alleviates some of these pain points.

Can you share a little-known fact about your company?

A little-known fact about us is that Bracket has been in the making since 2017. Pierre and I came up with the idea while enjoying a festive pint at the Punch and Judy pub in Covent Garden, London. We still have the original pitch deck we created, which was dusted off and brushed up for our first funding round earlier this year. We raised just under £1.5 million in under three months to begin the development of our platform. Leaving our roles in London was a bit scary, especially the initial response from my wife, as it was two weeks before my third child was born. Thankfully, six months into launching, we’ve already proven product-market fit with our customers.

What are you currently working on, and what are your company’s plans and strategic priorities for the coming years?

Currently, Bracket Group is focused on launching our end-to-end FX management software designed to serve the constantly growing mid-market. Phase 1 of our platform is already available, so the development team has turned its attention to Phase 2, which is the client portfolio manager. Companies that deal in FX often have 3-5 providers, and some have many more. The Portfolio Manager will connect via APIs to their FX providers and automate post-trade processes. Customers will be able to see live valuations across all providers within their portfolio, giving them access to real-time data.

Are there any projects or achievements of your company that you are exceptionally proud of?

We are particularly proud of our FX Benchmarker tool, which has become a game-changer for many of our clients. This tool allows businesses to gain a clear and transparent view of the cost of each spot and forward FX transaction they place. Our Benchmarker gives customers full access to Foreign Exchange forward points across 50 currency pairs and arms them with data points that previously only their providers had access to. The widespread adoption of this tool is a testament to its value and effectiveness. The Benchmarker has now analysed just under €5BN worth of transactions in under three months, saving clients significant sums in the process. It has played a crucial role in establishing the company’s reputation as a new leader in FX transparency.

What, in your opinion, makes Malta an effective jurisdiction to set up a business?

Malta’s strong regulatory framework, strategic location, and pro-business environment make it an excellent jurisdiction for setting up a business. For fintech companies like ours, Malta offers a unique blend of innovation-friendly policies and access to European markets. The availability of a multilingual, highly skilled workforce further enhances Malta’s appeal, making it a hub for financial services and technology-driven businesses. We have a large client base on the island, and we raised just under 20% of our investment from Malta. As someone who has lived here before, I know how welcoming and friendly the people of Malta are.

What kind of people or companies in the financial services community would you want to connect with?

Bracket Group is eager to connect with companies that have exposure to foreign currency as part of their operations. We specialise in helping businesses reduce FX costs and streamline FX workflows through our advanced technology. Our clients also benefit from our deep market expertise, combined with personalised guidance, to effectively navigate the complexities and volatility of the foreign exchange market from an independent standpoint.