Financial and capital markets fintech investment group 42Markets has received $10 million in growth funding from Convergence Partners to advance the growth and development of its portfolio companies.

42Markets describes itself as an incubator of specialised fintech businesses with deep expertise in financial and capital markets.

Focusing on financially sustainable and transformational businesses, the group claims that it “builds exponential shareholder value by identifying scalable business opportunities in specialist financial and capital markets categories and then using the group’s global reach and industry credibility to take these propositions to market.”

42Markets’s portfolio includes Mesh, a trading platform, Andile, a financial and capital markets advisory platform, as well as South African-based FX Flow which is a foreign currency risk management system that gives you a real-time view of your foreign currency exposure and hedges.

“We have built an ecosystem of specialised Fintech businesses, all with their own uniquely scalable, frictionless or decentralised platform or services solution for distributing financial assets between responsible parties. With this injection of connected capital, we will be able to grow at the rate that the market for our platforms and services demands of us,” said Andries Brink, 42Markets Group CEO.

According to a statement by the company, the funding was secured from 14 leading global development finance institutions (DFIs) based in Europe, the US, and Africa, which are the investors in Convergence Partners Digital Infrastructure Fund (CPDIF). 42Markets is proactively seeking to engage with these investors to explore working opportunities.

“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,” said Brandon Doyle, CEO of Convergence Partners.

In January, the South African investment firm Convergence Partners announced that it had closed its Convergence Partners Digital Infrastructure Fund at $296 million, surpassing its initial target by over 18%.