Emtech snags $4 mn from Matrix Partners, others

Fintech startup Emtech Solutions Inc on Friday said it has secured $4 million (Rs 33.13 crore) in a funding round led by Matrix Partners India, along with participation from global investors like BTN, VestedWorld, Equity Alliance and Lofty Inc.  
 
Emtech will use the fresh funds to fuel development of its infrastructure tools for central banks and fintech companies. Additionally, the company will prioritize the development of its range of financial services products. 
 
Founded by Carmelle Cadet, Emtech provides solutions for financial services operators and their regulators with its API-led regulatory sandbox. It counts the Central Banks of Ghana, Nigeria and the Bahamas as part of its client portfolio.  
 
“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,” said Cadet, founder and chief executive officer, Emtech.  
 
Incorporated in 2006, Matrix Partners India has over the years changed from a quasi-private-equity investor to a conventional venture capital firm with a focus on tech startups. The venture capital firm, which was started by Avnish Bajaj and Rishi Navani, had launched its first fund with a corpus of $150 million and later topped it up to $300 million.  
 
The venture capital firm raised $300 million for its third vehicle in 2019. 
 
In June 2022, VCCircle reported that Matrix Partners India aims to raise $450 million for its fourth fund - Matrix Partners India IV, LP, according to a disclosure with the US Securities and Exchange Commission (SEC).  
 
Last month, the firm led the $3.5 million seed funding round of the elderly individuals-focused lifestyle application GenWise.