Bringing Transparency to Businesses in the Foreign Exchange Market

Philippe Gelis, Kantox CEO, talks about how an idea became a fintech sensation, handling transactions totalling $250 M a year and boasting more than 500 clients

"At Kantox we offer businesses a pioneering alternative service to make significant savings on foreign exchange (Forex) transactions. We achieve this through peer to peer trading directly with other businesses and through wholesale Forex market access, with all transactions completed through live rates, ensuring our clients that they pay the going market rate with no hidden fees. This gives our clients a unique platform to sidestep banks and brokers, thereby saving money and valuable time.

In a sector where opacity and an expectation to be charged hidden fees and high commission has come to be the norm, at Kantox we are driven by transparency and efficiency in providing what we resolutely believe is a truly superior, fair service. To date we have saved our clients a collective 5 million dollars in transaction fees alone.

Our beginnings

Kantox, as a mere idea, began in 2009. At the time, Kantox COO Antonio Rami and I were consultants at Deloitte. We saw, in dismay, the high commissions and hidden fees banks and brokers charged, and the shady tactics that were routine in the industry, which led us to believe that there must be a different, fairer way. Subsequently, we began working tirelessly to make our vision a reality, leading us to found Kantox in 2011. During this period, in what would be imperative to our success, we were joined by experienced specialists in the finance and technology industries. Since then, we have undergone further expansion, where today we count on a workforce of over 40 dedicated, skilled professionals, from across Europe.

The foundations of our business are three-fold: First, in providing maximum savings to our clients; second, in offering a fully transparent service, no hidden fees, no catch; and third, in optimizing efficiency through our FinTech (financial technology) platform - a user-friendly, online system, which, among other innovative features, displays live market exchange rates to our clients.

We are backed by a range of investors, including the venture capital firms Partech Venture, IDinvest Partners and Cabiedes Partners, in addition to private financiers and web entrepreneurs. Most recently, we raised 6.4 million Euros in private funding, finalised this February, a further testament to the confidence placed in us and our service.

We are authorised by the UK Financial Conduct Authority (FCA), abiding by strict financial procedures and controls. We are also supervised by the national bank or regulator in each European Union country we operate in. Not only are we supervised by numerous regulatory authorities, we also emphasize the high level of importance we attach to universal transparency and integrity, demonstrated through our services and working practices.

Cleaning up Forex

We have come a long way in a relatively short period of time. We are headquartered in London, with our main operations office in Barcelona. In 2014 our goal is to grow business substantially, on the back of a strong 2013 in terms of growth. Last year saw us handle total transaction figures of 250 million dollars, trading in over 25 currencies, with clients from 15 countries. Our aim in 2014 and beyond is to build on our 2013 success, by tending to the needs of our more than 500 current, satisfied clients, and by developing business with new clients across Europe.

Working with Kantox, our clients save up to 80% on fees, when compared to equivalent transactions through a broker or bank. Unlike banks and brokers, we always quote the going market rates, with no hidden fees, and we do not charge the client inflated commission fees. Before each transaction our clients are made aware exactly what they are paying and for what. Through our easy to use, pioneering online platform, we allow our clients to complete transactions in a much shorter period of time, with our Forex specialists always happy to help via email or telephone for any queries.

Our exponential growth figures are a further reflection of client satisfaction with our services. At Kantox we bring clarity to a market based on a lack of clarity, and thanks to our online platform we promise unequalled efficiency for our clients. Additionally, we are in the unique position of being able to offer much more competitive prices than both banks and brokers. We are proud to say that with Kantox, what you see is what you get: transparency, integrity and unrivaled value".

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Emily
26 Feb, 2014 Emily
Nice one :) I like the variety of articles and types of businesses ;)
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