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Kantox Surpasses $1 Billion in Foreign Exchange Transfers

This post has been superseded at finovate.com.

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Foreign exchange management solution, Kantox, announced last week that it has exceeded $1 billion in currency transfers since its 2011 launch.

The UK- and Barcelona-based company reports that $200 million was traded in November and December alone. At this rate, it expects to reach another $1 billion by the end of 2015.

Kantox counts more than 1,000 businesses as clients, which is double the number of businesses that were using the platform a year ago.

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Kantox drives down FX costs by disintermediating banks and brokers with its platform where companies can trade directly with one another.

It demonstrated Peer FX at FinovateEurope 2013. Check out the video here.