Kantox secured €6.5m in a round led by Series A funding from Partech Ventures and Idinvest Partners and including existing investor Cabiedes & Partners.

Kantox, a London, UK- and Barcelona, Spain-based FX firm providing SMEs and mid-caps with a foreign currency exchange solution via a peer-to-peer (P2P) trading platform, announced that it raised €6.5 million ($8.9M) in Series A funding.

The round was led by Partech Ventures and Idinvest Partners with participation from existing investor Cabiedes & Partners.

The company intends to use the funds to further develop its technology and consolidate its presence across Europe.

Kantox, founded in 2011 and led by Philippe Gelis, CEO, built a platform via which it offers SMEs and mid-cap companies a foreign currency exchange solution via a peer-to-peer trading platform, allowing them to avoid the high and often hidden fees charged by banks and brokers. Clients include SMEs and mid-caps spanning over fifteen industries, among which retail, technology, pharmaceuticals, media, publishing or manufacturing.

Prior to this round, Kantox raised €1 million in 2012.