Wed, 12/02/2014 - 06:04
Kantox, an FX firm offering SMEs and mid-caps a foreign currency exchange solution via a peer-to-peer (P2P) trading platform, has secured EUR6.5m of new series A funding.
The increase in capital will be used to further develop its technology and consolidate its presence across Europe, providing more clients with a cost-effective alternative to trading FX with banks and brokers.
Partech Ventures and Idinvest Partners led the funding round alongside existing investor Cabiedes & Partners.
“We are extremely excited to have secured this latest round of funding, and can’t wait to continue building out our sales teams in Germany, France, Spain, the UK and Italy,” says Philippe Gelis, CEO of Kantox. “We believe our model is second to none and are convinced that it has a huge market potential globally. “
Kantox received a EUR1m seed investment in July 2012. It now has more than 500 corporate clients and is expecting its platform to process over EUR1bn of transactions in the year to come. Companies have the ability to trade over 25 currencies. Its client portfolio of SMEs and mid-caps now spans over 15 industries, including retail, technology, pharmaceuticals, media, publishing and manufacturing.
Philippe Collombel, managing partner of Partech Ventures, says: “Kantox is one of the most remarkable actors within the trend of tech companies dedicated to financial services. Many companies will be able to reduce the cost of their FX transactions and to make them easier thanks to Kantox’s solution. We are very happy to support this amazing team in the development of their offer and are convinced of their ability to become a major player in the foreign exchange market.”
Benoist Grossmann, managing partner of Idinvest, says: “With offices based in London and Barcelona, Idinvest is delighted to partner up with the proud Pan-European company - Kantox. We believe that the breakthrough concept introduced by Kantox is highly innovative in a sector rarely challenged by innovation. Kantox’s drive and talent perfectly align with Idinvest’s digital investment strategy.”
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