- Kantox/Hotwire PR
LONDON – Foreign exchange fintech company Kantox has raised £4.6 million from its existing investors as it aims for profitability.
Filings with Companies House show Kantox raised the sum at the end of July. CEO and founder Philippe Gelis confirmed the fundraise with Business Insider over email, saying the company raised the money from existing investors Partech Ventures, IDinvest Partners, and Mundi Ventures.
Gelis told Business Insider: “We indeed raised some more money with our existing investors. We are progressing well and focusing on building sophisticated software solutions for our clients.
“We have great traction so we did not want to look for new investors (something which is always very time consuming) but wanted to stay focused on the business and product development. We are getting close to becoming profitable.”
Kantox, founded in 2011, made an operating loss of £258,538 on revenues of £2.3 million in 2015, the most recent year accounts are available for.
Kantox provides a software platform to help businesses manage their foreign exchange exposure. It offers specialised products for tailored to industries like fashion and travel, and also has a trading platform that lets companies trade currencies directly with each other rather than through banks. The company has offices in London and Barcelona.