EMTECH, a central banking infrastructure provider, recently announced that it has raised $4 million in seed funding led by Matrix Partners India.
- The funding round also included BTN.vc, VestedWorld, Equity Alliance, LoftyInc Capital, Level Up Ventures, and Collide Capital as investors.
- This brings the company’s total investment funding to $10 million, following a pre-seed investment of $4 million last year and a recent $2 million extension.
- Founder Carmelle Cadet said,
“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.”
- Speaking on the investment, a principal at Matrix Partners India, Aakash Kumar said:
“EMTECH’s vision of shaping blockchain-powered fintech infra for CBDCs and solutions for fintech regulation is compelling, and we are excited to partner with them on their journey.”
- New York-based EMTECH, which serves the African financial industry, recently launched its CBDC Innovation Kit. This platform provides fintechs and financial service providers the tools to explore business models and solutions based on digital currencies pioneered by central banks.
- EMTECH works with six central banks, including Nigeria, Ghana, and the Bahamas. It is also looking to expand into four more African countries — Liberia, Sierra Leone, Gambia, and Guinea, they told Mariblock.
- In August last year, the firm partnered with the Bank of Ghana (BOG) to modernize its regulatory review process and reporting capabilities using its API-first digital regulatory sandbox platform.