Saturday, June 15, 2024

Kantox Picks Up $11 Million in Series B, Doubling Total Capital

International currency transfer specialist Kantox has doubled its total capital courtesy of an $11 million investment from a set of long-time financial supporters.


Leading the round were Partech Venture and IDinvest Partners, with Cabiedes & Partners and business angel investors also particpating. The Series B round takes Kantox’s total capital to more than $21 million. The additional funding will be used to help the company expand outside of Europe.

Kantox CEO Philippe Gelis shared his thoughts on the investment at the company blog, reminding us of one thing we’ve always appreciated about the man: a love of metrics. In a post titled, “How Kantox Raised 11 Million Dollars By Focusing on Real Numbers,” Gelis shared “the numbers that matter” including:

  • 35 currencies available to clients
  • 75 countries in which clients have made payments
  • 1,500 corporate clients served
  • $2 million in total platform trade volume projected by end of 2015
  • $33 million as the largest single trade on the platform
  • $1.5 billion as the total dollar value of the transactions processed on the platform since launch

“Relentless focus on our clients’ needs,” he added. “No fear. No superficial hokum.”

That said, the most interesting number may be 250: the number of bankers and brokers Gelis suggests are on the platform in order to learn how Kantox works from the inside out. “Yes, we know who you are,” Gelis teased, “and we enjoy your snooping around.”

Kantox founder and CEO Philippe Gelis
Kantox founder and CEO Philippe Gelis demonstrating Kantox Peer FX at FinovateEurope 2013.

Gelis also wrote about the potential for growing the company. While admitting “we may never be able to extend in a significant way in markets beyond Europe,” he believes his company’s technology will make the difference.

“If we are able to build the alternative FX market thanks to sophisticated matching technology, the company valuation will be in the billions in the long run,” Gelis said.

Founded in June 2011 and headquartered in London, Kantox demonstrated its Peer FX technology at FinovateEurope 2013. The company surpassed a billion dollars in foreign exchange volume in February, shortly after raising $9 million in new funding.

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