The currency exchange platform allowing businesses to bypass FX middlemen
Founder: Philippe Gelis
Founded: June 2011
When trading internationally, exchanging foreign currency is often cited as one of the major drawbacks. With commissions, fees and mark-ups spread throughout the process, it represents a major cost which many feel is unjust. Step up Kantox; the online currency exchange platform allows businesses to trade currencies directly with each other at rates they agree on, promoting greater transparency and avoiding the hidden fees and costs associated with third-party exchange brokers.
Alongside our other FX entries this year, the easy-to-use platform represents a real challenge to the hegemony of traditional foreign currency exchange; more than 500 business clients now use Kantox, ranging from small and medium-sized firms to mid-cap clients with revenues in excess of £1bn. In February, the start-up raised €6.5m Series A funding from a group of leading European investors, adding to a €1m seed investment raised in July 2012. Founder Philippe Gelis says the funding will be used to expand Kantox’s European presence on its way to processing a targeted €1bn of transactions by the end of the year.