Fast growing peer-to-peer (P2P) foreign exchange (FX) platform Kantox today announces its collaboration with three of the biggest names in the industry to form a European Advisory Board.
Claire Bridel, former COO, Emea, of leading French corporate and investment bank Natixis, CIB, Magnus Lind, chairman of Treasury Peer and François Masquelier, vice chairman of the European Association of Corporate Treasurers, have joined forces with Kantox Co-Founder and CEO Philippe Gelis to push the ambitious venture even further.
Founded in 2011, Kantox is challenging the dominance of the UK's traditional banks and is on track to turn over €1 billion of FX transactions this year. The company, which secured €6.5 million in venture capital investment earlier this year, was recently named as one of the fastest growing technology companies in Europe. Collaboration between Kantox and leading figures from finance corporations highlights the growing impact of FinTech challengers in the European market.
Kantox's European Advisory Board will combine expertise from all its members to help the company maintain its position as a key disruptor of the antiquated FX industry. Meeting on a bi-annual basis, the board members will consider upcoming industry changes to ensure that Kantox stays ahead of the curve of FX trends and continues to offer its customers a ground-breaking service.
Formerly the founder of global management consultancy NFS Group, Magnus Lind now acts as adviser, board member and investor in transformational financial services companies through international network Treasury Peer. He is joined on the new advisory board by François Masquelier Head of Corporate Finance, Treasury and Risk at RTL Group and vice chairman of Euro Associations of Corporate Treasurers. Claire Bridel brings 20 years' experience across leading operational roles in financial corporations to the board, including Natixis CIB, Newedge and Fimat.
Philippe Gelis, co-founder and CEO of Kantox, commented: "When I first launched Kantox, building up a reputation in a marketplace dominated by traditional banks required a complete attitude shift within the industry. Support from leading players in the sector is a landmark for Kantox, highlighting the extent to which FinTech has since gathered pace in Europe.
"From day one, our goal has been to bring light to the opaque FX industry, which has been manipulated by unfair rates charged by banks and brokers. With the support of the advisory board we aim to continue to be as forward-thinking a company as we were on day one."
François Masquelier, senior vice president Treasury of Corporate Finance and Risk at RTL Group and founder of Euro Associations of Corporate Treasurers commented: "I am pleased to have been appointed as an advisory board member for Kantox. Given the waves of regulation and the inflation of new restricting provisions, banks have to revisit their strategies and potentially reduce their range of products and customers. FX products are commodities and should therefore be exchanged freely via P2P platforms. Players in the real economy need to find alternative and simple means of exchanging foreign currencies and hedging FX exposure. As such there is a great and emerging market for challenger companies such as Kantox.
"Kantox has understood that some treasurers are facing difficulty accessing the FX market and offers a fantastic solution. It shows great potential to grow rapidly in the coming years. I am proud and honoured to be invited to offer them advice, based on my own treasury experience."
Claire Bridel former COO, Emea, at Natixis CIB commented: "Kantox's goal is to create a transparent and fair market place for FX transactions, bringing unprecedented value to its clients. I am very excited at the prospect of helping this young, professional and passionate team to grow their business."
Magnus Lind Chairman at Treasury Peer commented: "As Europe continues to struggle with poor growth and limited job opportunities, small and medium-sized enterprises (SMEs) are proving their worth, accounting for 80% of jobs in the private sector. However, new financial regulations have been designed to make it harder and more expensive for SMEs to fund, trade FX and hedge. We therefore need disruptive, innovative, courageous companies and entrepreneurs like Kantox, Philippe and his team. I'm honored to have been invited as an advisor for Kantox. Kantox will drastically transform the financial services space and lead the way for other companies and entrepreneurs to radically rethink the industry. This is exactly what the European economy urgently requires."