The financial and capital markets fintech investment group, 42Markets Group, has secured $10 million in growth funding from Convergence Partners, a leading private equity investor dedicated to the technology sector across sub-Saharan Africa.
This follows the recently closed Convergence Partners Digital Infrastructure Fund (CPDIF) at $296 million.
Mr Andries Brink, 42Markets Group CEO, in a statement, said, ‘this is a real vote of confidence in the positive impact investment in digital financial infrastructure can have, both in developing and in mature markets.’
He said the most mature of the 42Markets Group businesses was capital markets services and advisory firm Andile (UK) that brings deep market and industry expertise to help the Trade and Treasury departments within Banks, leapfrog legacy software to streamline and automate their IT Operations infrastructure.
‘The business currently services Investment Banks and Central Banks, across Africa, the United Kingdom, the European Union, Australia, and India,’ he said.
He said 14 leading global Development Finance Institutions (DFIs) based in Europe, the US and Africa are the investors in CPDIF.
He said, ‘this is the connected capital we have been looking for. We are proactively engaging with these investors to explore further opportunities to work together.’
Mr Brandon Doyle, CEO of Convergence Partners,
said: ‘This is one of our first investments in the digital transformation of financial markets.’
He said, ‘we see 42Markets as an emerging winner in this space. Their group companies have a long track record of consistent double-digit growth and a quality leadership team with deep expertise and experience in the capital markets.’
Mr Christian Roelofse, Investment Officer Responsible for the Netherlands DFI, said, ‘FMO is pleased with the efforts of Convergence Partners in identifying and supporting African entrepreneurs.’
He said through their investments in companies like 42Markets, they believed that digitally enabled financial inclusion would be advanced on the continent.
He said through the partnership with Convergence Partners, they were proud to be associated with innovative companies that were developing relevant solutions for the biggest needs of the time.
Source: Ghana News Agency