With 1600 clients in over 20 geographic locations, Kantox has announced that they have reached over $2 billion in total transactions on the platform. A provider of low cost cross-border currency exchange, the $2 billion milestone was reached eight months after it had taken Kantox three and a half years to hit $1 billion in currency transactions. According to Kantox CEO and Co-Founder Philippe Gelis, hitting $2 billion was achieved quicker than the firm had initially expected.
According to Kantox, as its platform has matured, and alternatives to bank based currency transfers have become better known, it has been increasingly able to gain business from larger businesses. Having initially been focused on small and medium sized enterprises (SME), Kantox revealed that many new customers are from businesses with over £100 million in yearly revenue. According to Kantox, its average transaction size now stands at £100,000, with a single largest transfer of $33.67 million in May.
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Commenting on the growth and their plans for the future, Toni Rami, Kantox Co-Founder and COO, stated that their near term goals are: “One, investing in the Kantox platform’s technological development, and two, entering new markets”.
Explaining the growth, Gelis stated that “It took us three and a half years to achieve the first billion; an amount we’ve now doubled three months quicker than we had initially anticipated. This is thanks to an FX model that we are promoting at Kantox, which more and more companies are identifying with”.