Kantox has announced it has partnered with Silicon Valley Bank (SVB) to offer foreign exchange (FX) management software to SVB’s corporate clients across the UK.
Many of SVB’s clients’ core industries - which include e-commerce, 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 is designed to provide 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 software while also benefitting from automated FX execution through their existing SVB banking facilities.
Philippe Gelis, CEO and Co-founder at Kantox, commented: "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 added: “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 €5m. Kantox was also recently voted the Best e-FX Platform for Corporates at the 2019 FX Week e-FX Awards, becoming the first non-bank to receive the award.
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