Peer-to-peer currency exchange platform Kantox raises €6.5m Series A investment
Trading platform claims to ‘shine light in opaque FX market’
Peer-to-peer currency trading platform Kantox today announced it has raised €6.5m of Series A funding from a group of European investors, set to back a new phase of growth for the business.
Founded in 2012 by Philippe Gelis, Kantox is a currency exchange platform that allows businesses to trade currencies directly with each other, allowing them to bypass banks and other traditional facilitators of foreign currency exchange.
London-based Kantox says its platform promotes greater transparency in the foreign exchange market, allowing businesses to avoid the hidden fees and mark-ups associated with third-party exchange brokers.
Since launch Kantox has grown rapidly, helped by a previous €1m seed investment in July 2012, and now has more than 500 corporate clients across Europe serviced by a 45-strong team; it says its platform will process more than 1 billion euro worth of transactions in the year to come.
The current €6.5m investment was led by Partech Ventures and Idinvest Partners, alongside existing investor Cabiedes & Partners.
It will be used to develop the firm’s technology and hire additional marketing staff in order to consolidate the company’s presence across Europe.
Philippe Gelis, founder and CEO of Kantox, said: “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.
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“We believe our model is second to none and are convinced that it has a huge market potential globally.”
Philippe Collombel, managing partner of lead investor Partech Ventures, said: “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.”