Emtech, an African provider of central banking infrastructure, has announced a $4 million seed investment led by Matrix Partners India.
BTN, Vested, Equity Alliance and LoftyInc Capital are some of the other investors in the round. They join Emtech’s previous investors, including Noemis Ventures, Octerra Capital, and 500 Global on its cap table.
EMTECH has so far raised $10 million in funding.
About EMTECH
The startup is currently working with six central banks to deploy its technology.
It has developed regtech and CBDC stack solutions for the Central Banks of Ghana, Nigeria, and the Bahamas.
What They’re Saying
“We’re the only company globally working with that many central banks at a time,” CEO Cardet told TechCrunch in a recent interview, stressing that Emtech had to open up its seed round, which took a year to complete, to follow through on the partnerships with these banks.
“Like other companies, fundraising wasn’t easy because of the downturn and the FTX and Terra Luna saga. We had to manage our cash flow and resources and grow our footprint across the region while delivering for the central banks, especially now that we’re on a journey of digitizing cash infrastructure for them.”
The Bigger Picture
EMTECH recently announced the public release of its Central Bank Digital Currency (CBDC) Innovation Kit for fintechs and financial service providers looking to test new fintech solutions and business models with Central Bank Digital Currency.
Source: Techcrunch
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