France-based BNP Paribas has agreed to acquire Kantox, a fintech for the automation of currency risk management.
Kantox’s software re-bundles the Corporate FX workflow into a one-stop-shop, API-driven, plug-and-play solution in the B2B cross-border sector.
BNP Paribas initially partnered with Kantox in 2019 and is now well positioned to accelerate and extend the offering to a wide range of corporate clients.
Furthermore, the deal is supported by the Global Markets business of BNP Paribas and the business centres of the Commercial, Personal and Banking Services (CPBS) arm.
In addition, the acquisition demonstrates BNP Paribas’ Growth Technology Sustainability 2025 plan which aims to accelerate the development of technological innovation. Also, it targets enhancing customer experience and providing best-in-class capabilities.
Philippe Gelis, CEO and co-founder at Kantox, said: “We have been serving clients together since 2019 when our technology partnership started. During those three 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.”
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Olivier Osty, head of global markets at BNP Paribas CIB, added: “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.”
“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,” stated Yann Gérardin, chief operating officer, head of BNP Paribas CIB.