Bound is a fast-growing fintech that builds currency hedging technology for companies with cash flows in multiple currencies. It empowers companies to protect and stabilize foreign cash flows by providing automated solutions to lock in rates and limit losses while keeping flexibility for positive movement. They are the modern tech alternative to traditional banks and brokers for finance teams who value transparency, speed, and flexibility when converting currencies.
Bound strategically sought a turnkey solution to bolster their back office and compliance FX operations. After careful consideration, they opted against building an in-house system, recognizing that it wouldn’t be the optimal use of their internal development resources. Instead, they allocated these resources to client-facing feature development, underscoring their commitment to providing a superior user experience. As a forward-thinking technology company, they were searching for a modern solution with extensive API capabilities, a key component in their quest for the flexibility and autonomy necessary for their rapid business expansion.
“When we needed to select a vendor for our back office systems, we had a hard time deciding between the traditional providers and newer companies like Kooltra. The traditional companies built their businesses in the days of on-premises deployments and customer integrations. We wanted more of a platform. We're happy that we went with Kooltra. Not only were they more forward-thinking than the alternatives, but they've also been willing to support us and help us get what we need. The team has been great to work with.” - Seth Phillips, Co-Founder, Bound
Bound explored several legacy FX solutions while evaluating Kooltra. They found the other solutions to be less flexible from a customization perspective, with less mature API capabilities, and significantly more expensive. Time-to-market was also essential, and many legacy solutions would require a six-month minimum implementation timeline.
Bound partnered with Kooltra to develop the new APIs needed. They completed implementation and went live in less than three months.
“First and foremost, we were looking for a solution to meet our compliance and regulatory obligations; our technical concerns will always come second to that. Kooltra was the most modern and technically advanced among the providers we shortlisted. I could tell they would be easier to integrate with, which was a big selling point.” - Rob Nunn, Senior Software Engineer, Bound
Kooltra has enabled Bound to continue expanding its business in a scalable and efficient way while maximizing transparency and speed for its end customers. By implementing Kooltra’s platform into their wider infrastructure, Bound is able to continuously optimize their workflows, automation, and reporting as its business and needs evolve.
By leveraging Kooltra, Bound was able to -
“It was a very easy integration. Their API documentation was very well done, and their team has been extremely responsive during and after the implementation. The speed and flexibility of their development and support team is truly where they shine.” - Rob Nunn, Senior Software Engineer, Bound
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