Kantox, the currency exchange fintech company based in Barcelona, has closed a $11 million Series B round led by French VCs Partech Ventures and Idinvest Partners. The company has raised a total of $19m.
$11 million funding round announced Wednesday in Kantox, a foreign-exchange platform headquartered in London. He's (Patrick de Nonneville) also joining the startup's board. Both Lendix and Kantox are part of a new wave of businesses using technology to make banking faster, cheaper, and easier. In the process they are also terrifying traditional banks by eating into their business. "There's a big realisation inside the financial industry that the changes which are being brought about for big financial companies have opened up a lot of opportunities outside of the main banks," de Nonneville told Business Insider. "I don't think these big banks are bad at innovating. [But] it's very, very different doing inside a very big organisation, which can have a different focus to the one that you want to have, to doing it with a smaller, very driven team."