Member Article

Kantox Set to Race with Caterham at the Abu Dhabi Grand Prix

Kantox, a pioneering firm in the FX industry, has announced it will be sponsoring the Caterham F1 team at the Abu Dhabi Grand Prix taking place this Sunday, November 23 – the last race of the season. Thanks to the power of FinTech innovation - contribution from the London based company and other businesses and individuals, the Caterham F1 team will be able to close the 2014 season and their cars will sport the Kantox logo in the race that will decide the Formula 1 championship.

With this sponsorship, Kantox is joining an increasing number of online firms, including ASOS – which sponsors McLaren - in entering the world of Formula 1, proving that young, modern and tech focused companies are increasingly showing presence in a world previously reserved for established companies with massive budgets.

Caterham, which just announced their second driver for the race, 23 year old Will Stevens who is set to make his Formula 1 debut in a Caterham car in Abu Dhabi this weekend, has the smallest budget in Formula 1 with just 70 million Euro for the season, far below the 425 million of Red Bull or the 410 million of Ferrari. For this last race of the season, Caterham has completed the first Crowdfunding round in the history of Formula 1 to raise the £2.35 million required to allow the team to complete the season.

“As a challenger ourselves in a foreign exchange market dominated by big banks, we are proud to sponsor Caterham, an underdog that has fearlessly competed with teams that count on much greater financial reach, like Ferrari sponsored by Banco Santander”, explains Kantox CEO Philippe Gelis. “Every industry needs challengers who upset the status quo. It is the successful challengers that end up bringing the innovation that moves the economy forward.”

This was posted in Bdaily's Members' News section by Kantox .