42Markets Raises $10M From Convergence Partners for Fintech Expansion
Convergence Partners has given the financial and capital markets fintech investment group, 42Markets, $10 million to help its portfolio companies grow and develop.
42Markets calls itself an incubator for specialized fintech businesses with much financial and capital markets knowledge.
The group claims 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.”
Mesh is a trading platform, Andile is a financial and capital markets advisory platform, and FX Flow, based in South Africa, is a foreign currency risk management system that shows you your real-time foreign currency exposure and hedges. All of these are part of 42Markets’ portfolio.
“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,” said Andries Brink, 42Markets Group CEO.
Per a press release from the company, the funding came from 14 leading global development finance institutions (DFIs) based in Europe, the US, and Africa. These DFIs are investors in the Convergence Partners Digital Infrastructure Fund (CPDIF). 42Markets is actively trying to get in touch with these investors to talk about working opportunities.
“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,” said Brandon Doyle, CEO of Convergence Partners.
In January, the South African investment firm Convergence Partners announced that it had raised $296 million to close its Convergence Partners Digital Infrastructure Fund, exceeding its goal by more than 18%.