Finance Start-up, Kantox, is bringing transparency and fairness to the foreign exchange process through trusted-company peer-to-peer trading.
Company: Kantox
Sector: Finance (foreign exchange)
Location: London
Regions Covered: Europe – We also have clients in other countries, including Canada, Mexico, etc. though right now our concentration is Europe.
Founded By: Philippe Gelis, Antonio Rami, John Carbajal
Are they rocket scientists? All in their own way, bringing different skills to the table. Respectively they carry out the roles of CEO, COO and CTO with a common vision of bringing total transparency, efficiency and fairness to the finance sector.
Who are your major backers? Partech Ventures, IDInvest Partners, Cabiedes & Partners
What’s your track record? Over €7.5 million in venture capital investment. 250% growth in 2014. $1 billion in trades reached by February 2015 with $2 billion expected later in 2015. 50 employees in the London and Barcelona offices.
What do they say? Pioneering fintech leader, revolutionising FX services for companies and challenging the banks’ long held dominance.
What does this mean? Putting clients before profits rather than the other way round, full transparency, a commitment to the development of new technology to enhance customer satisfaction and making FX processes as effective and cost-efficient as possible, and as they should be.
What makes your company different to its competitors? Our main competition is the traditional finance sector – banks and brokers. Kantox is based on the principles of transparency, efficiency and fairness. To exemplify, we offer the real-time live mid-market exchange rate, a fully displayed pricing structure, an optimised online FX management and trading platform, and assistance in hedging strategy, among other areas. Banks and brokers do not offer such services and are playing catch-up to the advancements made by FinTech not because they want to but because they can’t afford not to. If FinTech did not come into existence, it is clear that the traditional sector would use technology only to keep and even further the lack of transparency in finance and ability to charge high prices. Their reaction to FinTech is born from necessity rather than a legitimate desire to serve clients’ needs.
First clients: Some companies based in Spain, mainly from the tech sector.
How could your company change the world? Our goal is to ultimately disrupt the finance sector where the fraud, scandals and self-serving practices the sector is known for are replaced by a pervasive customer-centric culture with the same values as our own, which the growth of FinTech is instigating.
Who do they compete with? We have clients from many sectors, from large, established companies (some listed) to startups. They compete with all types of companies; large, small, established and new, like ourselves.
Who should be worried? Banks and brokers. They are worried. Bank chiefs around Europe have spoken of the threat to their dominance and position that allows them to pursue unfair practices that FinTech brings.
If you could choose any investor globally who would it be? Let’s say the FED (US Federal Reserve), because they can print as much money as we need.
If you could poach any member of staff from any company in the world who would it be? Maybe Elon Musk, for his ability to assume risks and succeed.
