Kantox closes debt financing
Philippe Gelis, Kantox
Currency and risk management solutions company Kantox has closed a venture debt financing deal, reports Julie Muhn at Finovate (Banking Technology‘s sister company). Silicon Valley Bank (SVB) supplied an undisclosed amount of funding to the UK-based company.
Craig Fox, VP at the bank’s UK branch, says, “At SVB, we love businesses that solve real problems, create value and lead their market. Kantox is doing just that, changing the game for how companies manage their FX risk.”
Kantox notes partnerships between banks and fintechs are on the rise. “Banks are approaching fintechs because their technology is attractive to them,” the company says.
Philippe Gelis, CEO and co-founder of Kantox, says the agreement with SVB is “the first step in the process of business and product partnership projects with financial institutions which have approached us interested in our technology”. Kantox is currently negotiating partnerships with banks in the UK and across Europe, anticipating many deals will close in 2018.
According to the company, its 2,000 clients have leveraged its foreign exchange (FX) management solutions to trade more than $5 billion in 20 countries. In November 2017, Kantox boosted its currency portfolio from 35 to 92, adding markets in Latin America and Asia.
Founded in 2011, Kantox has raised $27 million to date.
