Partech Ventures announced on Wednesday it has co-led a new €10MM financing round in Kantox, a foreign exchange services provider for SMEs and mid-cap companies.
Philippe Collombel, Managing Partner at Partech Ventures and Kantox board member, stated:
“With our 2nd significant investment in 18 months, Partech Ventures reaffirms its full commitment to Kantox.Kantox is a fast growing company, with a clear business model led by a strong, visionary and ambitious management team. With its disruptive model, Kantox can soon become the worldwide leader in foreign exchange services for SMEs and mid-cap companies.”
Philippe Gelis, CEO and co-founder of Kantox, announced:
“We are very proud to announce this new with Partech Ventures and IDinvest Partners. This underscores their commitment, trust and precious support for our strategy that will enable us to accelerate our deployment and growth. This funding will help us go further in the development of our product and bring our services to more SMEs and mid-cap companies, that will eventually benefit from an efficient and transparent foreign exchange management platform at the best price.”
In addition Kantox announced that Patrick de Nonneville, a former partner and co-head of European interest rates products at Goldman Sachs, has joined the Board. According to Business Insider, de Nonneville joined the online French business-loan startup Lendix as its COO at the start of the year after more than seven years at Goldman. Reportedly, Both Lendix and Kantox are part of a new wave of businesses using technology to make banking faster, cheaper, and easier. In the process they are also terrifying traditional banks by eating into their business.
de Nonneville told the media outlet:
“There’s a big realization insider the financial industry that the changes which are being brought about for big financial companies have opened up a lot of opportunities outside of the main banks. I don’t think these big banks are bad at innovating. [But] it’s very, very different doing inside a very big organization, which can have a different focus to the one that you want to have, to doing it with a smaller, very driven team. I’m not the only one to make this kind of move. The CFO of Morgan Stanley went to Google.”
Collombel revealed:
“The Board of Directors is delighted to benefit from the deep technical expertise and immense experience of Patrick; this is also a validation of Kantox’s huge market potential.”
This new investment follows Partech Ventures’ strategy to invest in companies that are able to disrupt traditional markets, by modifying the core rules of major sectors. Collombel added:
“Finance is at the heart of digital transformation and FinTech constitutes an important investment sector for Partech Ventures.”
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