Paris-based bank BNP Paribas has announced an agreement to acquire UK currency management software firm Kantox.
Headquartered in London, Kantox provides companies with software to automate their end-to-end foreign currency exchange workflow.
BNP Paribas previously invested €8m (£7m) into the fintech company as part of its Series D funding round in February 2020 and has had an ongoing partnership with the London firm starting in September 2019.
Kantox was last valued at €122m in July 2021.
“We have been serving clients together since 2019 when our technology partnership started,” said Kantox co-founder and CEO, Philippe Gelis.
“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.”
Olivier Osty, head of global markets at BNP Paribas CIB, said on the acquisition: “We are delighted to strengthen our partnership with Kantox, which brings to our clients a unique and innovative platform to automate their currency risk management.
The acquisition of Kantox by the multinational banking firm marks the latest example of a foreign takeover of a promising UK tech firm, amid a difficult financial period for the country.
The recent drop in the value of the pound, stemming from market backlash to Kwasi Kwarteng’s mini-budget, has led analysts to predict a surge in foreign takeovers.
The French acquisition of Kantox follows the takeover of British software firm Aveva by Paris-based Schneider Electric.