By Elijah Odhiambo
42Markets, a financial and capital markets fintech investment firm, has secured Ksh1.4 billion ($10 million) from investors to invest in the fintech sector in Kenya.
The funding came from Convergence Partners, a private equity investor dedicated to the technology sector across sub-Saharan Africa.
The company will invest in new technologies and make a contribution to East Africa’s financial stability and inclusivity through the capital markets services and consultancy firm Andile (UK).
Andile offers market and industry expertise to help trade and treasury departments in banks streamline and automate their IT operations infrastructure.
At the moment, it provides services to central banks and investment banks in Africa, the UK, the EU, Australia, and India.
To assist trade and treasury divisions at banks in streamlining and automating their IT operations infrastructure, Andile delivers market and industry experience.
“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,” 42Markets Group CEO Andries Brink said.
Other Group companies include early-stage platform business FXFlow (SA,), a FX exposure and risk management platform that creates value for importers and exporters in regulated markets.
Others are Mesh (Netherlands, Mesh.trade), a multi-sided financial markets platform that bridges the gap between TradFi (the traditional world of financial and capital markets), AltFi (a range of alternative, traditionally illiquid financial assets and investment instruments), and DeFi (the new world of distributed ledger technology and tokenomics).
“This is one of our first investments in the digital transformation of financial markets. We see 42Markets as an emerging winner in this space,” Convergence Partners CEO Brandon Doyle said.
“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.”
Brink noted that fourteen leading global development finance institutions (DFIs) based in Europe, the US, and Africa are investors in CPDIF.
“This is the connected capital we have been looking for. We are proactively engaging with these investors to explore further opportunities to work together.”
“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,” Netherlands DFI Investment Officer Christian Roelofse stated.
