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Howard Palmer

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Howard Palmer

Partner

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17 October 2022

Leading fintech Kantox signs sale agreement with BNP Paribas in major deal

We are advising Kantox, a leader in foreign currency risk management for financial institutions and companies, on its sale to French banking giant BNP Paribas.

Headquartered in London, Kantox is a trailblazer in automating currency management. With an aim of streamlining each step of a company's foreign exchange flow, the firm works with several high-profile clients across multiple sectors to remove costs and risks while unlocking opportunities for growth.

BNP Paribas has a longstanding relationship with Kantox, investing in the fintech start-up as part of its Series D funding round and working closely with the team since 2019. The acquisition will allow Kantox to extend its offering to a wide range of corporate clients across the globe, providing them with a unique and innovative platform to automate their currency management.

Kantox is a longstanding client of Taylor Wessing. We have acted for them throughout the last ten years, from their seed round all the way through to this transaction and across multiple practice areas along the way.

Leading on the transaction Howard Palmer, corporate partner at Taylor Wessing said: "Kantox has had an amazing trajectory, providing a pioneering solution to a problem many international companies face. As part of our full life-cycle advisory offering, we've been there every step of the way.

"The acquisition is a natural path forward from Kantox's successful partnership with BNP Paribas which involved several of our departments working together to get to this point. We look forward to seeing Kantox reach new heights in the coming years."

Philippe Gelis, Kantox co-founder and CEO said: "We have been serving clients with BNP Paribas since 2019 when our technology partnership started. During those three years, we spent a lot of time together in the field, getting the opportunity to understand that together we were stronger and able to bring more value to clients. Taylor Wessing's market leading advice and expertise have been invaluable over the last 10 years, culminating in this successful transaction with Howard, Ed and team."

The team was led by partner Howard Palmer and senior associate Ed Chapman with support from associates Loye Oyedotun and Richard Price, and trainee solicitor Abi Easton in the corporate team; partner Liz Wilson in the tax team; partner Helen Farr, senior counsel Roxanne Davey, and trainee solicitor Alice Matthews in the employment team; partner Graham Hann and senior associate Oz Watson in the commercial technology and data team; partner Anna Taylor and senior associate Afshan Mallik in the pensions team; partner Claire Matthews, and associates Marianna Vlas and Megan Geiser in the incentives team; and partner Charlotte Hill and associates Katie Fry-Paul and Jessica Howard in the financial regulatory services team.

The acquisition is subject to regulatory approvals and is expected to complete in the coming months.

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