Kantox, a London, UK- and Barcelona, Spain-based provider of a solution to exchange currencies corporate-to-corporate, has raised €1m in funding.
Backers include Cabiedes & Partners, FXstreet, Mola, Lanzame and business angels including FX traders and corporate treasurers. Existing investors including Marek Fodor, François Derbaix, Juan Margenat, Carlos Blanco and Michael Kleindl participated in the round.
The company intends to use the capital to create a sales team and develop the technology.
Led by CEO Philippe Gelis, Kantox offers an innovative Web platform which allows companies to directly find counterparties (others companies) to match and net their future cash-flows in foreign currencies, at an agreed fixed exchange rate (mid-market), and thus hedge their foreign exchange risk.
The company currently employs 12 people, including 4 people selling in the UK, Spain and Holland.