UK Fintech Kantox Closes €5 million Venture Debt Financing Agreement with Silicon Valley Bank
- Foreign Exchange
- 17.04.2019 09:22 am
Kantox, a leader in FX management solutions for businesses, has just closed its second venture debt financing deal with Silicon Valley Bank (SVB), the bank of the world’s most innovative businesses, enterprises and their investors.
The €5 million loan package is the second deal agreed between Kantox and SVB, with the first announced in December 2017. The new financing agreement underscores the appeal of Kantox’s growth story and SVB’s track record of investing in disruptive companies.
Philippe Gelis, CEO and co-founder at Kantox said, “We have a very strong relationship with Silicon Valley Bank and are happy to have them support Kantox again with more venture debt. This investment will contribute to our ongoing growth trajectory as we continue to bring more technology to the FX market.”
Craig Fox, Vice President at Silicon Valley Bank’s UK Branch added, “We appreciate the opportunity to work closely with Kantox to support its continued growth. Kantox is one of the most innovative and exciting Fintech companies coming out of Europe. The team at Kantox is building a market-leading, fully integrated platform to facilitate the seamless management of micro FX exposures, which is an area that presents considerable growth opportunities.”
Kantox’s success has been driven by its currency management and payment solutions, including its award-winning automated micro-hedging solution, Dynamic Hedging, which was recently named Best Risk Management Solution by Treasury Management International.
The company has appeared on the Deloitte UK Technology Fast 50 list each year since 2016 and was also named one of the fastest-growing Top 250 fintech companies globally by CB Insights. Over 3,500 clients in 25 industries have already exchanged more than €8.6 billion with Kantox.