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Kantox hits $2bn target ahead of schedule
Posted by Ellen Forster on 21 Sep 2015
Kantox has reached $2 billion in total transactions this month, doubling the volume traded on its platform in just eight months.
The London-headquartered Fintech FX company, that defines itself as the alternative to traditional foreign exchange models, is led by entrepreneur, Philippe Gelis.
Gelis explains: “It took us three and a half years to achieve the first billion; an amount we’ve now doubled three months quicker than we had initially anticipated.
"This is thanks to an FX model that we are promoting at Kantox, which more and more companies are identifying with.
"This change in model allows for the complete disintermediation of banks in the currency exchange process and brings together both the finance and technology sectors."
Toni Rami, Kantox co-founder and COO, highlights two clear objectives for the next few months: “One, investing in the Kantox platform’s technological development, and two, entering new markets”.
Kantox operates currently in Spain and the UK, although the company has clients in more than 20 countries including France, Germany and Italy and handles more than 35 currencies.
The company’s growth has been nothing short of spectacular. In particular, the last two years have seen the currency volumes traded on the Kantox platform triple year on year. “As we grow, larger companies with greater foreign exchange needs see Kantox as the real alternative for the optimised exchange of currencies”, says Gelis.
In May of this year, Kantox closed the largest trade in its history of $33.67m, and in June it announced a successful Series B financing round of $11 million. “These figures show the confidence that our clients and investors have in us. And the future is very promising”, affirms Rami, who is confident of multiplying the company’s success in the near future.