Kantox, a London-based FX firm offering SMEs and mid-caps a foreign currency exchange solution via a peer-to-peer trading platform, has secured €6.5m of new funding.
The increase in capital will be used to further develop its technology and consolidate its presence across Europe, the company said, providing even more clients with a cost-effective and transparent alternative to trading FX with banks and brokers.
Philippe Collombel, managing partner of 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.” A €1m seed investment in July 2012 had already helped to strengthen the business and the company now has more than 500 corporate clients all over Europe and is expecting its platform to process over €1bn euros of transactions in the year to come
Philippe Gelis, CEO of Kantox said, “Although the FX market is generally considered to be highly competitive and efficient, this is not an accurate representation of the reality. Large corporates enjoy access to really competitive rates while SMEs and mid-caps – who usually don’t have access to live rates or an in-house FX expert – are overcharged by a banking oligopoly which promotes opacity.”
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