Kantox raises further €6.5m

Amy King
10 February 2014

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Partech Ventures and Idinvest Partners have led a тЌ6.5m series-A funding round for Peer-to-peer FX trading platform Kantox, with support from existing backer Cabiedes & Partners.

The firm will use the fresh capital to develop its technology and consolidate its presence across Europe.

Previous funding
In 2012, Spanish venture capital firm Cabiedes committed €1m to Kantox. Venture accelerator Mola.com and several business angels also committed capital in the round, which was designed to support the expansion of the firm's sales and technical teams.

Company
Founded in Barcelona in 2011, Kantox is headquartered in London. The firm offers SMEs with revenues of up to €4bn a peer-to-peer FX trading platform, which allows users to sidestep fees charged by banks and brokers.

Kantox has more than 500 corporate clients across Europe and expects its platform to process transactions worth more than €1bn in the year to come. The business employs 45 staff and can trade more than 25 currencies. Users span various industries including retail, technology, media and manufacturing.

People
Philippe Collombel is managing partner at Partech and worked on the deal. Benoist Grossmann, managing partner at Idinvest, was also involved in the transaction.