Kantox, the fintech company that operates in the exchange of currencies for companies, has closed a €5 million round raised by its own shareholders. Co-founder and CEO Philippe Gelis confirmed yesterday that the round will bring the company closer to break even, which is expected to be reached "by the end of 2017".
About Kantox
Kantox is a fintech company founded in 2011 in Barcelona that was originally dedicated to currency exchange. Since its founding, Kantox has been recognised on several occasions, winning the LinktoStart acceleration programme of the Inlea Foundation and the SeedRocket entrepreneurship programme.
Currently Kantox, has moved its headquarters to London and is in the process of changing its business model. In addition to continuing with the currency exchange business, in order to escape the price war in currency exchange, it now offers technological software: from the automation of the management of these currencies, the connection to a platform to manage all the cash flows between companies or the linking of the company's resource manager (ERP) with Kantox itself. Today, the software business accounts for 30% of the company's turnover and is growing by 30% quarterly.
El SaaS (software como servicio) es muy atractivo para inversores financieros y para industriales del sector… y queremos llegar al punto de elegir a los mejores con calma», apunta el directivo, quien insiste en que hay mucho interés por entrar en el accionariado tanto por socios industriales (bancos y empresas del sector financiero) como por fondos de capital riesgo.
In the middle of last year, the company, which had already closed a total of 4 rounds previously, signed a convertible note with the main private equity funds in its shareholding (Partech, Idinvest). This operation can be interpreted as a continuation of the increase of just over 10 million euros, led by Partech Ventures and Idinvest Partners.
Why did you want to close an investment round?
Esta operación permitirá, según explica Gelis, la preparación a una posterior ronda de financiación que pretenden ejecutar dentro de, al menos, un año. Tras su cambio de modelo, donde se le otorga más peso a la venta de soluciones tecnológicas más allá de su original plataforma de intercambio de divisas, quieren dar un nuevo empujón para «poder escoger a los mejores socios».
Hoy por hoy están «cerca del break-even «, pero quieren acelerar en este nuevo segmento.
Corporate finance analysis Kantox
Kantox has experienced considerable growth over the last three years, reaching a turnover of €3.5M in 2015. The company's profitability is around 6%. The company currently manages a volume of €2 billion per year, with more than 2,000 clients in 30 countries.
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