Partech et al. invest €10m in Kantox

Details surrounding the breakdown of the round have yet to be disclosed, but Partech and Idinvest are understood to have contributed in roughly the same proportion. Spanish VC Cabiedes, which has been present in Kantox's capital structure since September 2012, has invested a lesser amount.

The deal will see Patrick de Nonneville, Goldman Sachs' former co-head of European interest rates operations, joining the business's management board.

Partech's contribution came via its sixth international fund, a €130m venture capital vehicle that closed in October 2013 with commitments from corporates Edenred and Casino Group, among others.

The vehicle targets deals worth around €5m in companies in the internet, information, technology and digital sectors. Previous investments include Netherlands-based YD, as well as French businesses Teads, La Fourchette and Toulouse-based Sigfox.

The deal is the latest in a string of investments by Partech in the financial technology sector. In May 2014, the VC took part in a $16m series-B round for German peer-to-peer loan service Auxmoney alongside Index Ventures, Union Square Ventures and Foundation Capital, which led the round.

Partech later supported Paris-based crowdlending platform Lendix with a €7m capital injection, according to unquote" data. The round, which took place in November 2014, saw the firm invest alongside holding vehicle Weber Investissements and the management of 123Venture. Olivier Goy, founder of 123Venture, was behind Lendix's creation in 2014.

Previous funding
Cabiedes led a €1m funding round in the business alongside venture accelerator Mola.com, investment initiative Lánzame, FXstreet and business angels in September 2012.

In February 2014, Partech and Idinvest joined the Madrid-based VC in a €6.5m series-A funding round for the currency exchange service, which announced it would use the funds to develop its technology and consolidate its presence across Europe.

Company
Founded in 2011, Kantox is a London-headquartered currency exchange service offering SMEs a peer-to-peer FX trading platform that allows such businesses to avoid fees charged by banks and brokers.

With a client portfolio of 1,500 companies, the business expects to oversee $2m's worth transactions before year-end.

People
Partech Ventures was represented by managing partner Philippe Collombel, who also sits on Kantox's management board. Philippe Gelis is CEO and co-founder of Kantox.

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• Topics
• UK / Ireland
• Expansion
• Financials
• United Kingdom
• IDInvest Partners (AGF Private Equity)
• Cabiedes & Partners