Convergence Partners writes 42Markets $10 million check to expand its fintech portfolio
Financial and capital markets fintech investment group 42Markets has received $10 million in growth funding from Convergence Partners to fuel the growth and development of its portfolio companies.
42Markets describes itself as an incubator of specialist fintech companies with deep expertise in financial and capital markets.
With a focus on financially sustainable and transformative businesses, the group claims it “builds exponential shareholder value by identifying scalable business opportunities in specialist finance and capital markets categories and then using the group’s global reach and industry credibility to take these propositions to market.”
42Markets’ portfolio includes Mesh, a trading platform, Andile, a financial and capital markets advisory platform, as well as South African-based FX Flow, a foreign exchange risk management system that provides you with a real-time view of your foreign exchange exposure and hedges.
“We have built an ecosystem of specialized Fintech companies, each with their own uniquely scalable, frictionless or decentralized platform or service solution to distribute financial assets between responsible parties. With this supply of connected capital, we will be able to grow at the speed that the market for our platforms and services demands of us, says Andries Brink, 42Markets Group CEO.
According to a company statement, the funding was secured from 14 leading global development finance institutions (DFIs) based in Europe, the US and Africa, who are the investors in the Convergence Partners Digital Infrastructure Fund (CPDIF). 42Markets proactively seeks to engage with these investors to explore employment opportunities.
“This is one of our first investments in the digital transformation of the financial markets. We see 42Markets as a new winner in this area. Their group companies have a long track record of consistent double-digit growth and a quality management team with deep capital markets expertise and experience, said Brandon Doyle, CEO of Convergence Partners.
In January, South African investment firm Convergence Partners announced that it had closed the $296 million Convergence Partners Digital Infrastructure Fund, surpassing its initial target by over 18%.
