Kantox, a London-based peer-to-peer foreign exchange trading platform for SMEs and mid-caps, has raised EUR6.5 million in a series a funding round.
The financing round was led by Partech Ventures and Idinvest Partners, and joined by existing investor Cabiedes & Partners. The new money comes on top of a EUR1 million seed investment in July 2012.
Pitching itself as an alternative to fee-greedy banks and brokers for SMEs and mid-caps looking to trade forex, Kantox already claims more than 500 corporate clients all over Europe and is expecting its platform to process over one billion euros of transactions in the year to come.
The start-up says that it is shining a light on the opaque FX market, helping smaller firms get fair and transparent access. The platform displays the mid-market rates and offers businesses the opportunity to match their transaction requirements with other companies through its P2P model.
The latest funding will be used to further develop Kantox's technology and consolidate its presence across Europe.
Philippe Gelis, CEO Kantox, says: "The Internet brings unprecedented possibilities for SMEs to trade internationally. FX volatility, and an inability to hedge, is one of the key barriers these companies face as they set their sights overseas - we are determined to help them overcome this and achieve their full revenue potential."