Kantox closes a venture debt financing agreement with Silicon Valley Bank
Kantox has just closed a venture debt financing deal with Silicon Valley Bank (SVB), the leading technology and innovation-focused bank, with a proven record in supporting the most dynamic and fastest-growing businesses in the software and internet sectors. The success of the Dynamic Hedging technology to automate currency risk management has granted Kantox the recognition of being one of the top 50 fastest-growing businesses in the UK.
“At Silicon Valley Bank, we love businesses that solve real problems, create value and lead their market. Kantox is doing just that, changing the game for how companies manage their FX risk. We are excited to be a part of this amazing growth story,” said Craig Fox, Vice President at Silicon Valley Bank’s UK Branch.
Banks are approaching fintechs because their technology is attractive to them. Banco Santander’s investment in Fintech lender Kabbage and participation from BNP Paribas in a funding round for Symphony are just two of the most-published examples which illustrate a trend that Kantox is experiencing first hand. The UK-based fintech is currently negotiating various partnerships with banks in the UK and across Europe, anticipating a very eventful 2018.
“We have reached a milestone, closing a venture debt agreement with Silicon Valley Bank. However, this is only the first step in the process of business and product partnership projects with financial institutions which have approached us interested in our technology” says Philippe Gelis, CEO and Kantox co-founder.