Dublin-based financial technology firm Assure Hedge has raised €5m in new investment.

Assure Hedge, which aims to help firms to more easily manage their foreign exchange exposure, said it would use the money to fund its rapid expansion plans.

The investment gives the firm a valuation of €30m. This morning it also announced that it had appointed Davy to lead a Series A investment round later this year.

Assure Hedge was founded in 2016 and has offices in Dublin, London and Portugal.

It offers an online platform which it says makes foreign exchange hedging easier and cheaper, particularly for smaller firms.

It said it sees a "huge untapped opportunity" in providing low-cost hedging options to SMEs, as firms with lower turnovers are less likely to already be doing so.

Assure Hedge said it had grown rapidly in the past year, doubling its client base and adding 15 people to its workforce.

It aims to double its user numbers again in the coming year and add at least another 15 workers to its payroll.

We need your consent to load this rte-player contentWe use rte-player to manage extra content that can set cookies on your device and collect data about your activity. Please review their details and accept them to load the content.Manage Preferences

Assure Hedge founder and chief executive Barry McCarthy said the company's latest fund raising will support its continued rapid growth trajectory and provides it with flexibility in when and how it engages with institutional investors.

"Given the response we have had to date we are confident that we are still only scratching the surface of demand from SMEs looking for an easy way to manage foreign exchange exposure," Mr McCarthy said.

"Whether it is coping with the volatility in sterling caused by Brexit, or handling the rollercoaster ride of the dollar through quantitative easing, our mission is to ensure that the ability to hedge foreign exchange risk at low cost is no longer the preserve of big corporates," he added.