Fintech Startup Emtech Raises $4 Mn In Funding Led By Matrix Partners India
Emtech Solutions, a fintech startup, has raised $4 million (Rs 33.13 crore) in a funding round led by Matrix Partners India. The funding round also saw participation from global investors like BTN, VestedWorld, Equity Alliance, and Lofty Inc.
As per the startup, the freshly raised funds will be used to fuel the development of its infrastructure tools for central banks and fintech companies.
Additionally, the fintech startup will prioritize the development of its range of financial services products.
Emtech | Modernizing Central Banks For Financial Inclusion And Resilience
Founded by Carmelle Cadet, Emtech is a fintech platform that helps in the regulatory review process of fintechs, providing solutions for financial services operators and their regulators.
The startup acts as a central application programming interface (API)-based layer between central banks, fintechs, and banks.
Speaking about the development, Carmelle Cadet, Founder and CEO of Emtech, said,
“Emtech’s adoption of blockchain technology enables the democratization of finance, bringing financial freedom to individuals and businesses. We are positioned to expedite our growth, diversify our product offerings, and continue to drive transformative change across the financial services landscape.”
Emtech helps central banks digitize their regulatory framework, digitizes application processes for newer regulatory changes, also allows a multi-department review of these applications.
The fintech startup counts the Central Banks of Ghana, Nigeria, and the Bahamas as part of its client portfolio.
Aakash Kumar, Principal at Matrix Partners India, expressed his admiration for Emtech’s vision and efforts. He highlighted the immense potential of digital assets and programmable currency in revolutionizing financial inclusion.
Aakash Kumar, Principal at Matrix Partners India, said,
“Digital assets and programmable currency in the form of regulated CBDCs can turbocharge financial inclusion. 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.”
Started by Avnish Bajaj and Rishi Navani in 2006, Matrix Partners India is an investment firm with a focus on the Indian enterprise and consumer market. It invests in firms in their seed, early, and early growth stages.
Over the years, the VC firm has expanded its reach with offices in Mumbai, Bengaluru, and Delhi and made strategic investments in several prominent companies, including Mswipe, FiveStar, Ola, Quikr, Practo, Dailyhunt, and Treebo.
Currently, the firm manages a substantial investment portfolio of over $1 billion, further solidifying its position as a leading player in the investment landscape. In June, Matrix Partners India led the $3.5 million seed funding round of the elderly individuals-focused lifestyle application GenWise.
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