- Currency management automation innovator Kantox has agreed to be acquired by BNP Paribas.
- BNP Paribas will pay $133 million (€120 million) for the London-based company, which made its Finovate debut in 2013 at FinovateEurope.
- BNP Paribas said the acquisition represents its commitment to building, long-lasting relationships with fintechs.
The company, which made its Finovate debut in 2011, said that the acquisition will help make its technology available to an even wider range of corporate customers worldwide. The deal is the latest evolution of a relationship between Kantox and BNP Paribas that extends back more than three years.
“We have been serving clients together since 2019 when our technology partnership started,” Kantox CEO and co-founder Philippe Gelis said. “During those three years, we spent a lot of time together in the field, getting the opportunity to understand that together we were stronger and able to bring more value to clients.” Gelis called the union “the best of both worlds, the leading software company in the currency management automation category and the leading bank in Europe.”
Kantox offers a single, API-driven, plug-and-play solution that helps companies optimize their FX workflow. Kantox’s technology gives businesses the ability to automate their currency risk management, build better hedging strategies, and lower costs. With its Currency Management Automation, Kantox enables corporate treasurers to deal effectively with challenges ranging from an over-reliance on manual processes to a fragmented FX workflow due to the absence of end-to-end solutions.
Kantox’s technology will be put to work for the Global Markets business of BNP Paribas’ CIB division, and the business centers of the Commercial, Personal, and Banking Services (CPBS) division. Both small businesses and large corporates will be the target markets for Kantox’s currency automation risk management offering.
Among the premier banks in the European Union, BNP Paribas is active in 65 countries and has almost 190,000 employees. The company’s Chief Operating Officer, Head of BNP Paribas CIB, Yann Gérardin called the acquisition another example of the institution’s readiness to “establish long-term partnerships with fintechs in ever-increasing range of areas.”
Kantox made its Finovate debut in 2013 at FinovateEurope. Within ten years, the company surpassed $15 billion in total corporate foreign exchange transactions. Kantox began this year with news that it was partnering with virtual IBAN and corporate account provider Monneo. This spring, Kantox teamed up with London-based fintech Revving to launch an integrated and embedded finance and working capital solution. Kantox raised more than $43 million in funding prior to the this week’s acquisition according to Crunchbase.