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VC-backed Kantox hires FT Partners for capital raise

Kantox, a venture-backed currency exchange platform, is looking to raise more money.

Kantox CEO Philippe Gelis confirmed on June 20 that the London-based fintech company was pursuing a capital raise and had hired FT Partners. It’s unclear how much Kantox is seeking.

Kantox has raised $35.1 million in VC funding through seven rounds, according to Crunchbase. Investors include Idinvest Partners, Partech, Cabiedes & Partners and Francois Derbaix.

“We indeed hired FT Partners for a capital raise,” Gelis said in an emailed response to questions.

Founded in 2011, Kantox provides software to help businesses overcome complex FX challenges and help them leverage foreign currencies. Kantox on June 19 said that clients had exchanged more than $10 billion on its FX platform in the past eight years. Kantox reportedly has more than 3,500 clients in 25 industries.

In April, the company closed a senior venture debt financing deal with Silicon Valley Bank, according to a report by BankingTech.com. Kantox completed its first debt round in December 2017, also with SVB, PitchBook said.

FT Partners, a fintech-focused investment bank, recently advised iyzico, of Istanbul, Turkey, in its $165 million sale to PayU, the fintech and electronics payment arm of Naspers.

FT Partners could not be reached for comment.

Action Item: For more info on Kantox, check out their website here.