— Jean-Gabriel Niel (@jgniel) June 15, 2015
Did you learn anything you didn’t know already?
To learn every day is one of our main maxims at Kantox, and participating in MoneyConf made this easy. It’s a rich environment bursting with knowledge and our experience at MoneyConf has allowed us to learn from different countries. We’ve met so many like-minded companies in this space, collectively we believe in a similar future for the finance sector: FinTech is here to stay and soon we will experience an authentic economy management revolution. This will apply to both individuals and businesses. It will come thanks in main part to technology and to increasingly informed, demanding and critical users.
— Eoin Casey (@eoincasey86) June 15, 2015
What opportunities are you excited about in the future?
The power of partnering with other FinTechs can increase the sector’s rate of growth. We have an endless stream of opportunities in front of us and a limitless growth potential.
What’s the tech / startup scene like in Barcelona?
It’s vibrant and in better shape than ever. Barcelona has been a magnet for businesses, entrepreneurs and professionals who are driven by innovation. In recent years in particular the city has really increased its pull for talented individuals and companies that may have otherwise gone to London or Paris. This in turn creates a snowball effect, pushing the Barcelona tech/startup scene to achieve more and in turn generating interest from international investors and the new technologies sector.
Are you looking to grow in Europe first, or globally?
Europe is our primary focus. Our main aim is to consolidate and grow our position in our European markets and build on what we have already achieved – 1,600 clients with just under $2 billion in total FX transactions processed. We entered the Israeli market recently however and we do have intercontinental ambitions, though this is a more medium- to long-term goal.
— Jean-Gabriel Niel (@jgniel) June 15, 2015
Anything else we should have asked you?
The unique value we bring to our customers is complete transparency in the management of foreign exchange. We firmly believe that the key advantage introducing modern technology to currency exchange, is the ability to provide SMEs with the benefits long enjoyed by only the largest of corporations. This includes more favourable exchange rates (historically only possible due to the sheer size of multinationals) and the ability to formulate a sound FX risk management strategy, which SMEs up to now have simply not been able to do due to a lack of resources. FinTech is all about democratising finance and tearing down the historical walls protecting the finance sector oligopoly for so long. And the best part is, we’ve only just begun.
Further information on Kantox’s $11 million Series B investment
Existing investors support Kantox’s next phase of growth
27 May 2015, Kantox announced it completed an $11 million Series B funding round, led by Partech Ventures and IDinvest Partners and with contribution from Cabiedes & Partners. All three firms are existing investors. This brings Kantox’s total funding to $19 million since its launch in 2011.
Kantox’s peer-to-peer platform offers SMEs and mid-caps a cost-effective and transparent alternative to trading FX with banks and brokers. The $11 million injection of capital will consolidate business growth in European markets, as well as fuelling further development of the platform to meet the needs of its growing client base, who are seeking complete and centralised control and visibility of their FX risk exposure across multiple geographies.
Patrick de Nonneville, former partner at Goldman Sachs, has also invested in the funding round. He will now join Kantox’s board of directors, using his rich experience in financial markets to advise the company on future growth and direction.
In February 2015, Kantox reached a landmark success of $1 billion worth of transactions processed since launch. The company has since experienced extraordinary growth, with an additional $0.5 billion worth of FX transactions completed in the last three months alone. It saw its largest ever trade – $33,670,000 – just this month.
Kantox is set to overtake $2 billion in total FX trades and reach over 2,000 clients before the close of this year. With 400% year-on-year growth already achieved in Q1 2015, the ambitious FinTech company is on track to meet its goal of tripling growth every year.
Kantox now serves more than 1,500 corporate clients, ranging from small businesses to mid-cap companies with revenues in the billions – some of whom are listed on the stock exchange. The company consists of over 50 employees across its London and Barcelona offices and its client list of SMEs, mid-caps and corporates spans a multitude of industries, including technology, pharmaceutical, electronics, tourism, transport and even fast-growth start-ups. To date, Kantox has saved its clients more than $20 million.
Philippe Gelis, Kantox co-founder and CEO, commented: “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.”
Patrick de Nonneville, former partner at Goldman Sachs and new investor in Kantox comments:“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.”
Kantox is a pioneering foreign exchange marketplace for businesses, bringing light and providing fresh air in an obscure, static market. We offer SMEs and mid-cap companies, with revenues in the billions, a comprehensive FX management platform designed to provide efficiency, transparency and fairness in corporate FX. Our P2P matching technology allows them to avoid the high (and often hidden) fees charged by banks and brokers. In May 2015 Kantox was recognised as the top FinTech company in the European ICT Spring Awards –backed by SWIFT.