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42Markets Group raises $10M from Convergence Partners & development finance institutions to automate banks IT Operations infrastructure

42Markets Group, the financial and capital markets fintech investment group, has secured $10 million in growth funding from Convergence Partners to help banks, leapfrog legacy software to streamline and automate their IT Operations infrastructure.

The investment will be channeled through 42Markets Group firm Andile (UK), a capital markets services and advisory firm which works with Investment Banks and Central Banks, across Africa, the United Kingdom, the European Union, Australia, and India.

In a statement, 42Markets Group CEO Andries Brink, “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.”

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With over a decade of experience in the East African market, Andile has established itself as a trusted partner for banks and financial institutions, creating jobs and driving economic growth in the region. The funding will enable Andile to further leverage its expertise and invest in new technologies, positioning the company as a leader in the region’s Capital Markets ecosystem, and contributing to increased financial stability and inclusiveness in East Africa.

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, and Mesh (Netherlands, an institution-grade, decentralised, 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). 

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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”.

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James Musoba
James Musoba
Studying Africa's startup and technology scene. I always look forward to discovering new exciting inventions and vibrant entrepreneurs.

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