Fintech group secures $10 million capital for technology investments


A financial and capital market fintech investment group, 42Markets Group, has secured US$10 million growth capital injection which will enable it invest in new technologies in Zambia and other Sub-Saharan countries.

The funding was secured 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 US$296 million.

The funding will enable the company to further leverage its expertise and invest in new technologies, while contributing to increased financial stability and inclusiveness in Zambia.

Andries Brink, 42Markets Group, Chief Executive Officer said this was a vote of confidence in the positive impact investment in digital financial infrastructure can have, both in developing and in mature markets.

Read more: Partner with Zambians in green technologies, low carbon ventures, Chinese investors told

Convergence Partners Chief Executive Officer, Brandon Doyl said, “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.”

Meanwhile, Christian Roelofse, Investment Officer responsible for the Netherlands DFI says through their investments in companies such as 42Markets, the company believed that digitally enabled financial inclusion would be advanced on the continent.

“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,” Roelofse said.

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