UK-based foreign exchange service Kantox raised €10m ($10.9m) yesterday in a series B round co-led by corporate-backed private equity firm IdInvest.
Partech Ventures, the venture capital firm that closed a €200m fund in January this year backed by insurance companies CNP Assurances and AG2R La Mondiale, payment services provider Ingenico and state-backed fund BPIfrance, co-led the round, which also featured VC firm Cabiedes & Partners.
Founded in 2011, Kantox operates a marketplace for small and medium-sized businesses to exchange currencies on a peer-to-peer basis, avoiding bank fees and enabling companies to get better rates. It previously raised €6.5m in a February 2014 series A round featuring IdInvest, Partech and Cabiedes.
Cabiedes led Kantox’s €1m series A round in 2012, investing alongside currency trading platform FxStreet, incubator Mola, pledge fund Lánzame and a range of existing angel investors. Kantox secured €150,000 in angel funding in 2011.
Philippe Gelis, CEO of Kantox, said: “This funding will help us go further in the development of our product and bring our services to more small and medium-sized businesses and mid-cap companies that will eventually benefit from an efficient and transparent foreign exchange management platform at the best price.”
IdInvest raised $157m for its second fund earlier this month, securing backing from BPifrance, insurance company Allianz, media group Lagardière, recruitment firm Up Group and additional, undisclosed insurers, banks and family offices.