BNP Paribas buys automated currency risk management FinTech

BNP Paribas buys automated currency risk management FinTech

BNP Paribas has agreed to acquire Kantox, which offers automated currency risk management, for an undisclosed amount.

While the size of the deal was not disclosed, claims it was around €120m.

The acquisition builds on the initial strategic partnership between BNP Paribas and Kantox, which was formed in September 2019.

BNP Paribas hopes to accelerate and extend Kantox’s offering to a wide range of corporate clients across the globe.

It added that the acquisition is supported by the bal Markets business of BNP Paribas’ CIB division and the business centres of the Commercial, Personal and Banking Services (CPBS) division. These divisions will deploy Kantox’s technology to large corporates, SMEs and mid-cap clients.

Kantox claims to re-bundle the corporate FX workflow. Its one-stop-shop is an AI-driven, plug-and-play solution that supports the B2B cross-border payments sector.

Clients using Kantox can automate their currency management, including their entire FX workflow. Its platform automatically updates prices based on FX rates, identifies and collects FX exposure, monitors FX exposure and executes FX hedging programs, allows users to connect and trade with preferred liquidity partners, and analyse hedging performance, reporting and accounting.

Speaking on the deal, Kantox CEO and co-founder Philippe Gelis said, “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.”

BNP Paribas CIB head of global markets Olivier Osty 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.”

Earlier in the week, BNP Paribas entered a £200m financing partnership with consumer lender Fluro.

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