Philippe Gelis, co-founder and CEO of Kantox, discusses how the British Chamber of Commerce has assisted Kantox's growth strategy. Kantox provides foreign exchange management solutions to SMEs and mid-cap companies. It has offices in London and Barcelona with 60 employees. The UK and Spain are key markets. Kantox aims to consolidate and grow its position in European markets building on its 1,600 clients and $2 billion in FX transactions processed.

1. Philippe Gelis, co-fouder and CEO of
Kantox
The British Chamber of Commerce has assisted our growth strategy
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Kantox, founded in 2011, provides a complete
foreign exchange management solution to SMEs and
mid-cap companies, leveraging technology. The
company has its headquarters and the operations
offices in London and Barcelona, with 60 employees
across both offices. The United Kingdom and Spain
are therefore two essential markets for them. Kantox
is on the verge of completing a total of $2 billion in
total trades across all markets, of which the UK and
Spain are some of their most important and form a
large part of this figure.
Our main aim is
to consolidate and grow
our position
in our European markets
and build on what
we have already achieved
Kantox emerged out of the distrust towards the
banking sector during the crisis. How did Kantox
manage to take advantage of the crisis?
The crisis has affected our business for good and for
bad. After the 2008 financial collapse, trust in banks
was at an all-time low. People really started to look at
alternative options more seriously, though tangible
alternative options to what the banks offer were on
the table for the first time too.
In this regard, the crisis helped us to attract clients let
down and disillusioned with the banking sector. We
achieve this by guaranteeing total transparency in our
pricing and exchange rates.
In addition, how did the crisis affect your
business?
Though it is hard to quantify, the crisis may have
affected us in the same way it affected most
businesses, some businesses perhaps did not make as
large FX trades as they would otherwise in a state of
“normality.” We have grown aggressively thus far in
2015, though stating exactly whether this is due to a
European economic recovery is difficult to say, though
the European quantitative easing programme’s
positive results so far is a good omen for business for
the rest of the year and for 2016.
What activities does Kantox have planned in the
near future?
Europe is our primary focus. Our main aim is to
consolidate and grow our position in our European
markets and build on what we have already achieved
– 1,600 clients with just under $2 billion in total FX
transactions processed. We entered the Israeli market
recently however and we do have intercontinental
ambitions, though this is a more medium- to
long-term goal.
How has British Chamber of Commerce
contributed to your business?
The British Chamber of Commerce has assisted our
growth strategy.The chamber’s unrivalled experience,
resources and knowhow have been crucial in helping
us forge the right business relationships, make
informed, well-researched decisions and in
optimising our business strategy for the UK market.
Which are the favourable factors for your business
between Spain and United Kingdom?
Some of them include ease of communication and
transport between both countries. As both countries
are part of the European Union, much of the“red tape”
is similar. An added bonus is that having two hubs, in
London and Barcelona, gives us greater pull in
attracting top talent from two countries, and in the
case of London, the most important financial city in
the world. Our company has an international,
multicultural makeup, which is crucial for our business
model. This is largely because of the relationship we
have between our Spain and UK operations.
What are the barriers?
The main barriers include different cultural norms. It
can take time, for example, for a new recruit to adjust
to the working culture of the other country, at least in
the beginning. Other factors include the difference in
how the FX market works in each country. Rather than
learning how business practice works for one country,
many team members must adapt to both.This may be
a challenge at first, but it makes our team more
knowledgeable and for that reason, more powerful.
Philippe Gelis, co-founder and CEO of Kantox