42markets group, a financial and capital markets fintech investment group, announced that it has secured $10 million in growth funding from Convergence Partners, a leading private equity investor dedicated to the technology sector across sub-Saharan Africa.
The funding will support the company in accelerating the development and expansion of its portfolio companies – Mesh (a trading platform), Andile (a financial and capital markets advisory platform) and FXFlow (a foreign currency risk management system).
42markets is a Specialist Fintech Group, whose companies have decades of experience and deep expertise in the business processes and technology underpinning the financial and capital markets. Its primary focus is to build exponential shareholder value by identifying scaleable business opportunities in specialist financial and capital markets categories, and to incubate these businesses by investing both capital and expertise.
According to Andries Brink, 42Markets Group CEO, “We are delighted that our strategy is endorsed by Convergence who has a track record of picking companies that change markets. We have built an ecosystem of specialised Fintech businesses, all with their own uniquely scalable, frictionless or decentralised platform or services solution for the distribution of 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 demand of us.”
Brandon Doyle, CEO of Convergence Partners, added: “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.”
Fourteen leading global development finance institutions (DFIs) based in Europe, the US and Africa are the investors in CPDIF and Brink says “this is the connected capital we have been looking for. We are proactively engaging with these investors to explore further opportunities to work together”.
In January this year, Convergence Partners raised $296 million for its Convergence Partners Digital Infrastructure Fund (CPDIF).
