Fintech investment group 42Markets has secured $10 million in growth funding from Convergence Partners to assist banks in upgrading their IT operations infrastructure by streamlining and automating their legacy software. The investment will be directed through Andile (UK), a subsidiary of 42Markets that provides capital markets services and advice to investment banks and central banks in various regions, including Africa, the United Kingdom, the European Union, Australia, and India.
The funding will enable Andile to invest in new technologies and become a leader in the capital markets ecosystem of the East African region, driving economic growth and creating jobs. With over a decade of experience in the market, Andile has established itself as a trusted partner for banks and financial institutions.
In addition to Andile, 42Markets Group also includes two other companies: FXFlow, a platform that manages FX exposure and risk for importers and exporters in regulated markets, and Mesh, a multi-sided financial markets platform that bridges the gap between traditional and alternative financial assets.
Brandon Doyle, CEO of Convergence Partners, views 42Markets as an emerging winner in the digital transformation of financial markets. The funding is part of the Connected Capital for Development (CPDIF) program, which is composed of fourteen global development finance institutions based in Europe, the US, and Africa.
Christian Roelofse, Investment Officer responsible for the Netherlands DFI, expressed his satisfaction with Convergence Partners' efforts in supporting African entrepreneurs and believes that digitally enabled financial inclusion will be advanced on the continent.
Play audio
No comments