Kantox has partnered with Silicon Valley Bank (SVB), to offer FX management software to SVB’s corporate clients across the UK.
The two firms had an existing relationship prior to this deal as Kantox closed its second venture debt financing deal with SVB for €5 million in April.
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, according to Kantox.
Dynamic Hedging, a micro-hedging service developed by Kantox, fully automates FX risk management with the aim of creating greater efficiencies for treasurers. The technology seeks 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 in addition to automated FX execution through their existing SVB banking facilities.
Philippe Gelis, CEO and co-founder of 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 SVB’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.”