42Markets Group, a fintech investment firm focused on the financial and capital markets, has raised $10 million in growth funding from Convergence Partners to assist financial institutions in “leapfrogging” outdated software in order to better consolidate and automate their IT Operations infrastructure.
Through the 42Markets Group company Andile (UK), the investment will be routed through a capital markets services and advisory company that works with investment banks and central banks throughout Africa, the United Kingdom, the European Union, Australia, and India.
CEO of 42Markets Group Andries Brink stated in a statement that “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.”
Other Group companies include Mesh (Netherlands), an institution-grade, decentralized, multi-sided Financial Markets platform that connects TradFi (the traditional world of Financial and Capital Markets), AltFi (a variety of alternative, traditionally illiquid financial assets and investm, and early-stage platform business FXFlow (SA), an FX exposure and risk management platform that generates value for importers and exporters in regulated markets.
Convergence Partners’ CEO Brandon Doyle went on to say: “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.”
With the funding, the company will be able to invest in new technology and further utilize its experience, establishing itself as a leader in the East African Capital Markets ecosystem and promoting more economic inclusivity.
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