London-based business-to-business currency exchange Kantox has raised $11 million in Series B funding.
The four-year old company runs an online marketplace where small businesses can buy and sell foreign currency, bypassing more expensive bank routes. Kantox claimes up to 1500 corporate clients, including mid-caps, and has processed over $1.5 billion in transactions since launch.
The latest funding round includes investments from long-term backers Partech Venture, IDinvest Partners and Cabiedes &b Partners.
The firm will use the funds to extend its services beyond Europe. "We have already started opening some markets outside Europe, and we want to continue doing so," it states. "Our value proposition is universally valid, and we believe we can become THE alternative FX market."
With a stated mission to disintermediate banks and brokers from the foreign exchange process, Kantox - like its peers TransferWise and TransferGo - has clearly ruffled feathers in the currency exchange market.
"More than 250 bankers or brokers have registered on our platform pretending they were real companies, to find out the details about our foreign exchange platform and services," states the firm. "Yes, we know who you are and we enjoy your snooping around :-)"