Kantox and Silicon Valley Bank Partner to Provide Cutting-Edge FX Hedging Technology to UK Corporates
Company news | August 6, 2019
London, 6 August 2019 – Kantox, a leader in foreign exchange (FX) management solutions, has partnered with Silicon Valley Bank (SVB), the bank of the world’s most innovative companies and their investors, to offer cutting-edge FX management software to SVB’s corporate clients across the United Kingdom.
Many of SVB’s clients’ core industries – which include eCommerce, Fintech, Digital Health and Enterprise Software – are both technology-driven and international by nature. With such a high level of digitalisation, automating currency management processes to increase efficiencies and reduce the administrative burden is a necessity for many companies and businesses.
Dynamic Hedging, a micro-hedging solution developed by Kantox, fully automates FX risk management to create greater efficiencies for treasurers. The technology provides better visibility over FX exposure and hedges transactions in real-time to mitigate FX risk and enhance competitiveness – all without human intervention. Through this partnership, SVB’s UK corporate clients will have access to Kantox’s award-winning software while also benefitting from automated FX execution through their existing SVB banking facilities.
Philippe Gelis, CEO and Co-founder at Kantox, says: “Kantox has an excellent relationship with Silicon Valley Bank who have always supported our innovative approach to FX management. By offering our Dynamic Hedging software to their corporate clients, we are providing a sophisticated solution which makes the treasurer’s job easier, while providing added value to SVB’s existing FX services.”
Erin Platts, Head of EMEA and President of Silicon Valley Bank’s UK Branch adds: “FX is clearly an important focus for our many globally-connected clients, as is working with a technology partner that understands the innovation economy and the sectors in which they operate. Through this partnership with Kantox we aim to create genuine value for our clients by bringing automation and efficiency to their transactional FX management activities.”
In April, Kantox closed its second venture debt financing deal with SVB for €5 million. Dynamic Hedging was also recently awarded Best Risk Management Solution by Treasury Management International.
Kantox is a leading fintech company building software solutions that help businesses to overcome complex FX challenges and leverage foreign currencies for growth. Kantox’s expertise and solutions allow businesses to capture FX exposure data and automate their hedging, payment and collection processes. Over 3,900 clients in 70 countries trust Kantox with their payment and currency management needs.
About Silicon Valley Bank
For more than 35 years, Silicon Valley Bank (SVB) has helped innovative businesses and their investors move bold ideas forward, fast. SVB provides a range of financial services and targeted expertise to companies of all sizes in innovation centres around the world, including the UK. With commercial and international banking services, SVB helps address the unique needs of innovators. Learn more at svb.com/uk.
Silicon Valley Bank UK Limited is registered in England and Wales at Alphabeta, 14-18 Finsbury Square, London EC2A 1BR, UK (Company Number 12546585). Silicon Valley Bank UK Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (Firm Reference Number 543146).
Silicon Valley Bank is a member of the FDIC and the Federal Reserve System. Silicon Valley Bank is the California bank subsidiary of SVB Financial Group (Nasdaq: SIVB).
Media contact (Kantox):
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