The FCA-regulated British fintech company Kantox specializing in forex solutions, boasted that since the release of its API six months ago, it processed financial transactions worth over $100 million.
In the end of 2015, the Kantox API was rolled out for use by a group of beta clients that could plug it in directly into their in-house Enterprise Resource Planning or Treasury Management System. It provides online hedging and risk management services, automation of forex transactions (spot, forward, orders) and payments, accurate hedging execution and rate alerts and exposure management.
After the successful beta testing period, Kantox is now planning to release it for use to all its 2000 customers of small, middle and large companies. The API will also provide access to other Kantox products such as Dynamic Hedging and the Payments Hub.
“Our clients were looking for solutions to boost efficiency and productivity by improving their management of their exchange rate risk, currency operations and international payments,” said Philippe Gelis, the fintech firm’s co-founder and CEO and added the huge up-take in the API during the beta launch proves that Kantox is delivering good added value. “The feedback from our beta launch is loud and clear and we look forward to rolling out our unique API to our full client base.”
Kantox was set up in 2011 and has since gotten $21.12 million in four rounds from nine investors. Besides the API, it offers a forex trading and payments platform, mostly aimed at professional clients in small and medium companies. It was launched in 2011 and by the autumn of 2015 had $2 billion in total transactions.