Startup Funding: EMTECH Solutions, the banking infrastructure provider, announced it raising $4 mn in a funding round led by Matrix Partners India, the venture capital investor, the company announced in a release on Friday. The other investors present during the round included BTN, VestedWorld, Equity Alliance, and Lofty Inc. EMTECH plans to utilise these funds to develop its infrastructure tools for central banks and fintech companies.
EMTECH works in the field of regulatory review processes of fintech for central banks with its API-based regulatory sandbox. A sandbox refers to a controlled and isolated environment where software applications or code can run safely without affecting the underlying system. It is commonly used for testing, development, or security purposes to prevent potential harm and conflicts with the main system.
At present, EMTECH provides its services to six central banks across the world. Its indigenously developed Regtech and CBDC stack solutions, based on DLT and blockchain technology, are used by the Central banks of Ghana, Nigeria, and the Bahamas. EMTECH was backed by investors like Noemis Ventures, Octerra Capital, and 500 Global in the previous rounds.
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Carmelle Cadet, Founder & CEO of EMTECH shared, “EMTECH’s adoption of blockchain technology enables the democratization of finance, bringing financial freedom and inclusivity to individuals and businesses of all sizes. With the support of our investors, we are well positioned to expedite our growth, diversify our product offerings and continue to drive transformative change across the financial services landscape.”
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.”
Matrix Partners India is the Indian subsidiary of Matrix Partners, an investment firm focused on venture capital investments. Max Partners India has invested in several Indian companies across different segments, such as Razorpay, Five Star Business Finance, OneCard, Ola, Ola Electric, Dailyhunt, Oxyzo, and GoKwik, among others.