Kantox announced that it has 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 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 FinTech company is on track to meet its goal of tripling growth every year
[PHOTO]: Patrick de Nonneville, investor in Kantox