Kantox - the cost effective way to hedge corporate FX risk
One of the many innovative start-ups to receive funding in September (in this case €1 million) was Kantox - a venture that provides a company-to-company FX solution.
Kantox originates from Barcelona, but has since moved its headquarters to London to be at the centre of internarional finance.
It offers a cheaper way (avoiding the banks' offerings) for small and medium enterprises to hedge risk when trading in foreign currencies. Essentially it matches trading companies that are making the transaction in the other conversion direction, so both parties can be assured that they'll receive the currency amount they expect when the transaction is completed. Kantox also runs a number of security checks and balances, to prevent fraud.
Kantox has aimed from the start to be a truely international service, and its current team of 12 people boasts of 6 different nationalities and 9 different spoken laguages. But its main allure is what it provides - A cost effective way to hedge corporate FX risk.
Directory entry for Kantox
How does KANTOX work?