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Convergence Partners has announced the acquisition of a strategic stake in 42Markets Group.
42Markets bills itself as an incubator, investor, and builder of high-growth specialist businesses in the financial and capital markets sector.
Among its portfolio of businesses is Mesh.Trade, a financial markets platform that counts economist Dawie Roodt among its investors.
Mesh was co-founded by Connie Bloem and Andries Brink. Bloem serves as Mesh’s CEO, and Brink is CEO of the 42Markets Group.
Mesh aims to bridge the gap between the worlds of traditional finance and capital markets, alternative finance — including traditionally illiquid financial assets and instruments, and decentralized finance.
Decentralized finance involves distributed ledger or blockchain technologies and the digital assets and cryptographic tokens that operate on them.
42Markets’ other companies include Andile, FX Flow, and FinMio.
“As blockchain adoption on the continent continues to grow, we look forward to embarking on this journey with 42Markets to democratize financial markets and enhance accessibility,” said Convergence Partners chairman Andile Ngcaba.
The investment is through its Convergence Partners Digital Infrastructure Fund (CPDIF), a $296m private equity fund focused on investing in digital infrastructure opportunities across sub-Saharan Africa.
The companies said that Convergence Partners’ introduction as new investors would enable the 42Markets Group to accelerate growth through the buildout of its product set and further geographic expansion.
Andries Brink said Convergence Partners has been instrumental in Africa digitally leapfrogging the world through key investments in fibre and data infrastructure.
“Together, we will now do the same for financial markets, in connecting central banks and other big asset generators to corporate and retail investors, safely and accurately, across the full spectrum of capital markets solutions,” stated Brink.
“In a very real sense, 42Markets companies are the ‘over-the-top’ capital enablers, on the infrastructure that Convergence Partners has established. We are excited about working with them to bring real and sustainable change to markets.”
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