Convergence Partners, a private equity investment manager focused on the technology sector in sub-Saharan Africa, has acquired a stake in 42Markets Group, an incubator, investor and builder of high-growth specialist businesses in the financial and capital markets sector. Convergence Partners has a 20-year history of investing successfully in digital infrastructure in the region, with more than $600m under management, including the recently launched Convergence Partners Digital Infrastructure Fund, focused on long-term investments in data centres, fibre networks, wireless and towers, edge, artificial intelligence, Internet of Things, cloud, fintech and platforms across Africa.
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42Markets Group aims to transform and improve the efficiency of capital markets in Africa, enabling second-tier capital markets to reduce friction and costs, improve transparency and real-time risk management and extend the reach of banking and financial services to a broader cross-section of the population. Convergence Partners’ introduction as new investors will enable 42Markets Group to accelerate growth through the development of its product set and further geographic expansion.
Together, the firms plan to connect central banks and other big asset generators to corporate and retail investors safely and accurately, across the full spectrum of capital markets solutions.
