French banking group BNP Paribas announced plans to acquire UK currency risk management company Kantox, building on the companies’ existing partnership which started in 2019.

Kantox’s software solution helps companies automate their entire foreign exchange workflow, including risk analysis and monitoring, trade execution and post-trade performance analysis.

The acquisition, which is subject to regulatory approval, is expected to help accelerate Kantox’s growth as BNP Paribas extends Kantox’s offering to corporate clients across the globe.

Founded in 2011, Kantox has offices in London and Barcelona, and is regulated by the Financial Conduct Authority (FCA) and the Bank of Spain.

“We have been serving clients together since 2019 when our technology partnership started. It is the best of both worlds, the leading software company in the currency management automation category and the leading bank in Europe,”

Philippe Gelis, CEO and Co-Founder at Kantox.

“Corporate treasurers are currently navigating turbulent markets and advanced technology can help mitigate some of the challenges, easing the burden of manual tasks and allowing them to focus on their core business,”

Olivier Osty, Head of Global Markets, BNP Paribas CIB.