Kantox, a peer-to-peer (P2P) foreign exchange transfer platform for businesses, has just revealed the completion of an $11 million Series B funding round, led by Partech Ventures and IDinvest Partners and with contribution from Cabiedes & Partners, according to a Kantox statement.
Earlier this year, Kantox announced the summit of $1 billion in currency exchanges on their platform. The milestone occurred as transactions rose 250% over 2014, with $200 million in exchanges taking place earlier this year.
As per the latest funding round, Partech Ventures, IDinvest Partners and Cabiedes & Partners are all existing investors. Collectively, this brings Kantox’s total funding to $19 million since its inaugural launch in 2011.
Kantox’s has tailored its platform towards small and medium- sized enterprises (SMEs) and mid-caps, aiming to market itself as a cost-effective and transparent alternative to trading FX with banks and brokers. In particular, the latest $11 million injection of capital will help consolidate business growth in European markets.
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In addition to the three aforementioned companies, Patrick de Nonneville, former partner at Goldman Sachs, has also invested in the funding round, joining Kantox’s board of directors.
According to Philippe Gelis, Kantox co-founder and CEO, in a recent statement on the investment, “We are very excited to announce the successful closing of this new investment round. 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. For this reason, FinTech has grown so much so quickly in the last few years. In 2014, Lending Club’s IPO really was a game-changer for FinTech and for finance as a whole. The growth of the 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 FX sector.”
“Fintech is a booming sector, but companies with a truly huge market and the right skill set in regulatory, compliance and risk management as well as technology and marketing are rare. I believe Kantox is uniquely well positioned to deliver on its promise of transparent and smooth access to FX markets for businesses worldwide. I’m honoured and excited to join the board as Kantox starts the next stage in its growth,” added Patrick de Nonneville, former partner at Goldman Sachs and new investor in Kantox, in an accompanying statement.