The BNP Paribas Group has signed an agreement to acquire Kantox – a leading fintech offering tools for the automation of currency risk management. Kantox will gain the possibility of faster development thanks to the support of the BNP Paribas Group, so corporate customers and small and medium-sized enterprises cooperating with the Bank will receive a unique tool to facilitate currency settlements. The transaction will be the culmination of a strategic partnership established in September 2019.
“We are delighted to continue to strengthen our partnership with Kantox. As a result, our customers have the opportunity to use a unique and innovative platform for the automation of currency risk management. Managers responsible for the health of corporate finances are now facing turbulent times in the markets. The advanced technologies can help by relieving them from manual tasks and allowing them to concentrate on the most important tasks,” – explains Olivier Osty, Head of the BNP Paribas Global Markets team.
Kantox technology provides companies with automation in the development of hedging strategies. The software effectively integrates corporate currency payment tasks, offering an API-based one-stop-shop plug-and-play solution, a unique cross-border payment technology in the B2B sector.
Thanks to its integrated business model, the BNP Paribas Group will accelerate the company’s development and enable it to reach a wide range of customers worldwide with its offer. The acquisition of Kantox is supported by the Global Markets teams of the Corporate and Investment Banking (CIB) division and business centers of Commercial, Personal, and Banking Services (CPBS) of the BNP Paribas Group. Both business areas intend to use the Kantox technology as part of servicing large corporate customers and SMEs.
The transaction is in line with the Growth, Technology & Sustainability 2025 strategy adopted by BNP Paribas, which assumes accelerating the implementation of technological innovations, optimizing customer experiences, and providing them with best-in-class solutions.
“The acquisition of Kantox is another proof that we can build long-term cooperation with fintechs in new areas. Supporting our customers and providing them with the most advanced technological solutions has always been our priority and as such is a key pillar of our GTS 2025 strategy,” – explains Yann Gérardin, Chief Operating Officer and Head of CIB BNP Paribas.
“The planned transaction demonstrates how our distinctive model and integrated platform strategy can create added value and increase business opportunities. For the reason that BNP Paribas is a leading provider of services for European companies of all sizes, Kantox will gain the possibility of faster development, which in turn will translate into an improved experience for our customers,” – added Thierry Laborde, Operations Director and Head of CPBS BNP Paribas.
“Together with BNP Paribas, we have been serving customers since 2019, when we established technological cooperation. During these three years of cooperation, we understood that we are stronger together and that we can offer customers additional value. We combine the best of both worlds – a leading technology company specializing in the automation of currency risk management and the largest bank in Europe,” – says Philippe Gelis, CEO and Co-founder of Kantox.
Source: The press release by BNP Paribas Bank Polska dated October 12, 2022