42Markets Group, the financial and capital markets fintech investment group, has secured $10m in growth funding from Convergence Partners, a leading private equity investor dedicated to the technology sector across sub-Saharan Africa, after it recently closed its Convergence Partners Digital Infrastructure Fund (CPDIF) at $296m.
The fresh capital will support 42Markets in accelerating the development and expansion of its portfolio companies – Mesh (NL, mesh.trade), Andile (UK, andile.net) and FXFlow (SA, fxflow.co).
“We are delighted that our strategy is endorsed by Convergence who has a track record of picking companies that change markets” says Andries Brink, 42Markets Group CEO. “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 that “we are proactively seeking to engage with these investors to determine opportunities to work together”.
Christian Roelofse Investment Officer responsible at FMO, the Dutch DFI, has stated that “With this investment in companies like 42Markets, we believe that digitally enabled financial inclusion will be advanced. Through our partnership with Convergence Partners, we are proud to be associated with innovative companies that are developing relevant solutions for the biggest needs of our time.”
For more information on 42Markets Group and its portfolio of financial and capital markets fintech businesses, see here.