Fintech start-up Kantox in the money following $11m Series B round
Startups 100-listed foreign exchange platform takes total funding to $19m with backing from Partech Ventures, IDinvest Partners and Cabiedes & Partners.
Fast-growth foreign exchange start-up Kantox, one of the 100 hottest start-ups of 2014, has closed an $11m Series B funding round led by existing investors Partech Ventures, IDinvest Partners and Cabiedes & Partners.
Patrick de Nonneville, former partner at Goldman Sachs, has also participated in the round and will now join the company’s board of directors.
Launched in 2011 by Philippe Gelis (pictured), Kantox’s peer-to-peer platform seeks to enable businesses to bypass “the middlemen” and trade directly with each other using rates that they agree on, “greater transparency” and “efficiency”.
To date, the London-based company says it has achieved 400% year-on-year growth, signed over 1,500 clients and recently announced that it had processed over $1bn worth of transactions.
It will use this latest cash injection, which takes its total funding to $19m, to support its growth in European markets and to further develop its platform.
Kantox CEO Gelis said of the deal: “Closing a round with existing investors is a real proof of confidence from them. We wanted to move fast and close a round quickly and they fully supported us in that strategy.
“People are hungry for financial services that do not come from banks or traditional financial institutions
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“The growth of the financial technology (fintech) sector will continue and the corporate sector will benefit from it enormously. This financing round will support us in our aim to further bring innovation and products to the corporate foreign exchange sector.”