Currency hedging company TCX has begun the process of doubling the capital it manages by 2021-22 with a £31m ($39.4m) investment from the UK’s Department for International Development (DfID). As well as increasing the size of the fund, TCX is aiming to raise its single currency exposure limits – the amount of money it can hedge – to $500m per currency. TCX was founded in 2007 by a group of development finance and microfinance institutions and donors to facilitate local currency financing in frontier markets and prevent currency risk being borne entirely by borrowers and utility customers in vulnerable economies.