Paris-headquartered BNP Paribas, one of the European Union’s leading global banks, announced on Wednesday, that it has signed an agreement to acquire London-based Kantox, a provider of currency management automation software. The acquisition is subject to regulatory approval and is expected to be completed in the coming months.
With this acquisition, Kantox’s accelerated growth is set to see a boost with the support of BNP Paribas, which will include the strengths of its integrated business model and a wide range of corporate clients across the globe.
Olivier Osty, Head of Global Markets at BNP Paribas CIB, says, “We are delighted to strengthen our partnership with Kantox, which brings to our clients a unique and innovative platform to automate their currency risk management. Corporate treasurers are currently navigating turbulent markets and advanced technology can help mitigate some of the challenges, easing the burden of manual tasks and allowing them to focus on their core business. “
Kantox’s acquisition and BNP Paribas’ integrated approach
This acquisition came after the initial strategic partnership between the two companies in September 2019. The acquisition is supported by the Global Markets business of BNP Paribas’ CIB division and the Commercial, Personal, and Banking Services (CPBS) division.
The goal of the two divisions is to use the group’s knowledge of the market to bring Kantox’s technology to large corporations as well as SME and mid-cap clients.
The acquisition of Kantox also shows how BNP Paribas’s Growth Technology Sustainability 2025 plan works. This plan is meant to speed the development of new technologies, improve customer experience, and give the bank’s clients the best capabilities in their field.
Philippe Gelis, CEO and co-founder of Kantox, says, “We have been serving clients together since 2019 when our technology partnership started. During those 3 years, we spent a lot of time together in the field, getting the opportunity to understand that together we were stronger and able to bring more value to clients. It is the best of both worlds, the leading software company in the currency management automation category and the leading bank in Europe. “
About Kantox
Founded in 2011, Kantox provides currency management automation software that helps companies take control of their foreign exchange workflow and leverage currency for growth.
The company says it has successfully re-bundled the Corporate FX workflow, which it claims provides an unrivalled level of automation and sophistication to corporates in setting up hedging strategies.
The company also has hundreds of clients in a wide range of industries, such as food, travel, chemicals, e-commerce, manufacturing, oil, and gas. Because it offers a one-stop-shop, API-driven, plug-and-play solution, it has become a unique technology in the B2B cross-border payments sector.
The company has authorisation from the Financial Conduct Authority, and Kantox European Union, SL is based in Barcelona and authorised by the Bank of Spain.
Yann Gérardin, Chief Operating Officer and Head of BNP Paribas CIB, says, “The acquisition of Kantox presents a further illustration of our ability to establish long-term partnerships with fintechs in an ever-increasing range of areas. Supporting our clients in their international development and providing them with the most advanced technological solutions have always been our priority and are, as such, key pillars of our GTS 2025 strategic plan.”
Thierry Laborde, Chief Operating Officer and Head of BNP Paribas CPBS, says, “This acquisition demonstrates how our distinctive model and integrated platform strategy are able to create value and develop business opportunities. Our leading positions with European companies of all sizes will enable Kantox to further accelerate its development, while improving our customers’ experience.
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