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FinTech firm Kantox raises $11m in Series B funding round

P2P firm Kantox has completed an $11m 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 $19m since its launch in 2011.

Kantox’s peer-to-peer platform offers SMEs and mid-caps an alternative to trading FX with banks and brokers.

The $11m 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.

Patrick de Nonneville, former partner at Goldman Sachs, has also invested in the funding round. He will now join Kantox’s board of directors, using his experience in financial markets to advise the company on future growth and direction.

In February 2015, Kantox reached a landmark success of $1bn worth of transactions processed since launch. The company has since experienced extraordinary growth, with an additional $0.5bn 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 $2bn 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 ambitious FinTech company is on track to meet its goal of tripling growth every year.

Philippe Gelis, Kantox co-founder and CEO, said: “We are very excited to announce the successful closing of this new investment round. Closing a round with existing investors is a real proof of confidence from them.

“We wanted to move fast and close a round quickly and they fully supported us in that strategy.

“People are hungry for financial services that do not come from banks or traditional financial institutions. For this reason, FinTech has grown so much so quickly in the last few years.

“In 2014, Lending Club’s IPO really was a game-changer for FinTech and for finance as a whole. The growth of the FinTech sector will continue and the corporate sector will benefit from it enormously. This financing round will support us in our aim to further bring innovation and products to the corporate FX sector.”

Patrick de Nonneville, former partner at Goldman Sachs and new investor in Kantox, added: “Fintech is a booming sector, but companies with a truly huge market and the right skill set in regulatory, compliance and risk management as well as technology and marketing are rare.

“I believe Kantox is uniquely well positioned to deliver on its promise of transparent and smooth access to FX markets for businesses worldwide. I’m honoured and excited to join the board as Kantox starts the next stage in its growth.”