Financial and capital markets fintech funding group 42Markets has obtained $10 million in development funding from Convergence Partners to advance the expansion and improvement of its portfolio corporations.
42Markets describes itself as an incubator of specialized fintech companies with deep experience in monetary and capital markets.
Focusing on financially sustainable and transformational companies, the group claims that it “builds exponential shareholder value by identifying scalable business opportunities in specialist financial and capital markets categories and then using the group’s global reach and industry credibility to take these propositions to market.”
42Markets’s portfolio contains Mesh, a buying and selling platform, Andile, a monetary and capital markets advisory platform, in addition to South African-based FX Flow which is a international foreign money danger administration system that provides you a real-time view of your international foreign money publicity and hedges.
“We have built an ecosystem of specialised Fintech businesses, all with their own uniquely scalable, frictionless or decentralised platform or services solution for distributing financial assets between responsible parties. With this injection of connected capital, we will be able to grow at the rate that the market for our platforms and services demands of us,” mentioned Andries Brink, 42Markets Group CEO.
According to a press release by the corporate, the funding was secured from 14 main world improvement finance establishments (DFIs) primarily based in Europe, the US, and Africa, that are the traders in Convergence Partners Digital Infrastructure Fund (CPDIF). 42Markets is proactively searching for to interact with these traders to discover working alternatives.
“This is one of our first investments in the digital transformation of financial markets. 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,” mentioned Brandon Doyle, CEO of Convergence Partners.
In January, the South African funding agency Convergence Partners introduced that it had closed its Convergence Partners Digital Infrastructure Fund at $296 million, surpassing its preliminary goal by over 18%.
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