BNP Paribas has acquired the Barcelona start-up Kantox, specialized in foreign exchange management for financial institutions and companies.
The French bank has paid more than 120 million euros to take over the Barcelona company, as market sources confirm to this newspaper. To date, BNP Paribas controlled around 8% of the capital and has now acquired the remaining 90% from a group of venture capital investors.
Among them, the French fund Idinvest (Eurazeo) stands out, which had around 23% and the US fund Partech Ventures, which controlled another 23%. The Spanish fund Cabiedes was also in the shareholding
These funds demanded a return on their investment after having contributed more than 30 million euros to the Barcelona company. In a context of austerity like the current one, the French bank's offer was received with open arms.
Now Kantox opens a new stage after a decade as an independent start-up.
Since it was born in 2011, it has expanded its currency management software to more than 70 countries in the world. The firm has more than 3,500 clients in its portfolio, from sectors as diverse as chemicals, food, tourism, electronic commerce or the financial world. In 2021, the company had a turnover of around 13.5 million euros and made a profit.
From now on, Kantox will continue with its business independently, "without being integrated into BNP's operations and keeping the brand name," says Philippe Gelis, founder of the business alongside Toni Rami. Together with the rest of the management team, they will continue to lead the company until three years from now, when their departure is scheduled.
The CEO also assures this newspaper that BNP Paribas remains firmly committed to Kantox's activity in Barcelona. In this city, the firm employs more than 160 people in offices located in the Mapfre towers. In the next year, it is forecast to exceed 200 people on the workforce.
Despite being born and having its operational center in Barcelona, Kantox has its headquarters in London for regulatory and operational reasons.
