Kantox, a currency risk management technology provider, is being sold to European banking heavyweight BNP Paribas.
The sale builds on a strategic partnership between the two firms inked in 2019. BNP Paribas is also an investor in Kantox.
Philippe Gelis, CEO and co-founder at Kantox, comments that in the three years of collaboration, “we spent a lot of time together in the field, getting the opportunity to understand that together we were stronger”.
The acquisition is subject to regulatory approvals and is expected to complete in the coming months.
“Kantox’s software solution has managed to successfully re-bundle the corporate FX workflow, offering a one-stop-shop, API driven, plug-and-play solution which has emerged as a unique technology within the B2B cross-border payments sector,” BNP Paribas says.
“The technology provides unrivalled level of automation and sophistication to corporates in setting up hedging strategies.”
The global markets business of BNP Paribas’ Corporate and Institutional Banking (CIB) division and the business centres of the Commercial, Personal and Banking Services (CPBS) division will deploy the acquired technology to large corporate, mid-cap, and small and medium size enterprise (SME) clients.
The bank says the deal is part of its Growth Technology Sustainability (GTS) 2025 plan, “that sets out to accelerate the development of technological innovations, enhance customer experience and provide best-in-class capabilities to its clients”.
Founded in 2011, Kantox employs over 120 people and has offices in London (HQ) and Barcelona. It says over 6,500 clients in 74 countries have exchanged more than $15 billion using its currency management automation software. Customers span a wide spectrum of industries, including the food, travel, chemical, e-commerce, manufacturing, oil and gas sectors.
Image and article originally from www.fintechfutures.com. Read the original article here.