Philippe Gelis, Kantox

Philippe Gelis, Kantox

Currency and risk management solutions company Kantox recently reeled in $6 million in funding, writes Finovate (Banking Technology‘s sister company).

The UK-based company’s CEO and co-founder, Philippe Gelis, confirmed the round, which closed at the end of July 2017. This brings Kantox’s total funding to just over $27 million since it was founded in 2011.

Contributing to the round are existing investors Partech Ventures, IDinvest Partners, and Mundi Ventures. In a statement, Gelis told Business Insider, “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.”

He added, “We are progressing well and focusing on building sophisticated software solutions for our clients.”

Kantox serves as a marketplace where businesses can buy and sell foreign currencies; offering a low-cost foreign exchange solution that aims to undercut the interbank exchange rate. Since launching in 2011, Kantox has exchanged $4.5 billion for 2,000+ clients in 124 countries working in 35 currencies.

Last year, Kantox launched Dynamic Hedging to help companies monitor currency risk in real time and expanded its API out of beta.

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