Kantox is a multinational FinTech company offering FX management solutions which allow customers to manage their currency exposure, build hedging strategies, and automate FX transactions and process international payments in a smart way. Headquartered in London, the startup will join us as CODE_n CONTEST finalist at our new.New Festival in Karlsruhe, September, this fall. Prior to that, Co-founder and Chief Executive Officer Philippe Gelis has taken the time to tell us more about his company!
What is Kantox all about? How did you come up with the idea?
Philippe: Kantox is a FinTech company offering foreign exchange management solutions. We develop technology to solve one of the major pain-points faced by international companies: currency management.
Before founding Kantox, I worked as a strategy consultant for different consulting firms including Deloitte. During my time there, one of my clients exporting food and wine was exposed to a foreign exchange. With the assistance of my then-colleague and Kantox co-founder Toni, we tried to help him negotiate with banks. We soon realised that the negotiation process was expensive and complex for a mid-sized firm with no access to live rates.
This experience allowed us to identify a gap in the market and therefore, an opportunity for launching a business. Large companies have the resources and knowledge to manage foreign exchange well and to negotiate fair and transparent prices with banks. By contrast, SMEs either have enormous difficulty doing so. They lack internal resources, technology and negotiation power.
At the onset, solving this painpoint was at the core of our value proposition. Our expertise, products, and solutions allow our customers to manage their currency exposure, build hedging strategies, automate FX transactions and process international payments in a smart and cost-efficient way.
As we expanded our business further, we realised that automation is at the base of efficiency in managing foreign exchange. In Kantox, we develop FX management software solutions that allow our clients to automate their currency strategy as well as to easily hedge their risk exposure.
We have also released our API end of last year to help clients completely automating the management of their foreign exchange exposure. That way, they have FX risk much better managed, they sabe time and increase efficiency. More…