Photo credit: Shutterstock
It's a challenge familiar to any company with regular forex exposure; how to hedge the multitude of micro transactions they need to do. And a solution has always proved elusive, until now.
With the development of its Dynamic Hedging platform forex management fintech Kantox not only enables its B2B clients to eliminate the risks of market volatility, they can also integrate and automate the entire process into their existing operational software.
The innovative solution delivers a service that the big banks could only dream of offering to their B2B clientele. And having initially tried to run the fintech upstart out of town, the banks are now lining up to adopt its new hedging technology.
Launched in 2011 by French entrepreneur Philippe Gelis, London-based Kantox entered a market dominated by banks and traditional forex brokers. Fintech had yet to become a buzzword. At that time platforms like Kantox competed with the banks by offering cheaper fees, transparency and an improved and less antiquated user experience. The banks reacted with hostility.
“They started trying to jeopardize our credibility, saying we were small and unreliable,” recalls Gelis. “They threatened to cut their clients’ access to credit if they were using Kantox. They also slowed down or blocked payments to Kantox to create friction in the client experience.”
The pressure may have forced some startups to crumble. But Gelis was resolute.
He said: “We understood that we needed to change the playing field with new rules. We knew that banks were really slow in developing new technology so we decided to focus on that. Clients had been asking for sophisticated technology to completely automate forex risk management for a long time, but until then we hadn’t dedicated a great deal of resource to it. Now we knew the moment had come.”
">Photo credit: Shutterstock
It's a challenge familiar to any company with regular forex exposure; how to hedge the multitude of micro transactions they need to do. And a solution has always proved elusive, until now.
With the development of its Dynamic Hedging platform forex management fintech Kantox not only enables its B2B clients to eliminate the risks of market volatility, they can also integrate and automate the entire process into their existing operational software.
The innovative solution delivers a service that the big banks could only dream of offering to their B2B clientele. And having initially tried to run the fintech upstart out of town, the banks are now lining up to adopt its new hedging technology.
Launched in 2011 by French entrepreneur Philippe Gelis, London-based Kantox entered a market dominated by banks and traditional forex brokers. Fintech had yet to become a buzzword. At that time platforms like Kantox competed with the banks by offering cheaper fees, transparency and an improved and less antiquated user experience. The banks reacted with hostility.
“They started trying to jeopardize our credibility, saying we were small and unreliable,” recalls Gelis. “They threatened to cut their clients’ access to credit if they were using Kantox. They also slowed down or blocked payments to Kantox to create friction in the client experience.”
The pressure may have forced some startups to crumble. But Gelis was resolute.
He said: “We understood that we needed to change the playing field with new rules. We knew that banks were really slow in developing new technology so we decided to focus on that. Clients had been asking for sophisticated technology to completely automate forex risk management for a long time, but until then we hadn’t dedicated a great deal of resource to it. Now we knew the moment had come.”
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