Kantox, the fintech company, turns to software technology and receives €5M

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BY : Diego GutiérrezAugust Tue, 2017
Kantox, the fintech company that operates in currency exchange for businesses, has closed a €5 million round raised by its own shareholders. Co-founder and CEO Philippe Gelis confirmed yesterday that the round will bring the company closer to break even, which is expected to be reached "by the end of 2017".
About Kantox

Kantox is a fintech company founded in 2011 in Barcelona that was originally dedicated to currency exchange. Since its founding, Kantox has been recognised on several occasions, winning the LinktoStart acceleration programme of the Inlea Foundation and the SeedRocket entrepreneurship programme.

Currently Kantox, has moved its headquarters to London and is in the process of changing its business model. In addition to continuing with the currency exchange business, in order to escape the price war in currency exchange, it now offers technological software: from the automation of the management of these currencies, the connection to a platform to manage all the cash flows between companies or the linking of the company's resource manager (ERP) with Kantox itself. Today, the software business accounts for 30% of the company's turnover and is growing by 30% quarterly.

SaaS (software as a service) is very attractive for financial investors and for industrialists in the sector... and we want to get to the point of choosing the best ones calmly," says the executive, who insists that there is a lot of interest from industrial partners (banks and companies in the financial sector) as well as from venture capital funds to enter the shareholding.

In the middle of last year, the company, which had already closed a total of 4 rounds previously, signed a convertible note with the main private equity funds in its shareholding (Partech, Idinvest). This operation can be interpreted as a continuation of the increase of just over 10 million euros, led by Partech Ventures and Idinvest Partners.

Why did you want to close an investment round?

According to Gelis, this operation will allow them to prepare for a subsequent round of financing that they intend to execute in at least a year's time. Following their change of model, which gives more weight to the sale of technological solutions beyond their original currency exchange platform, they want to make a new push to "be able to choose the best partners".

Today they are "close to break-even", but they want to accelerate in this new segment.

Corporate finance analysis Kantox

Kantox has experienced considerable growth over the last three years, reaching a turnover of €3.5M in 2015. The company's profitability is around 6%. The company currently manages a volume of €2 billion per year, with more than 2,000 clients in 30 countries.

Kantox, the fintech company, turns to software technology and receives €5M

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