Investment firm Matrix Partners India has led a $4 million seed funding round for New York-based Emtech, a fintech company focused on modernizing central banks for financial inclusion and resilience. Other investors in this round include BTN, VestedWorld, Equity Alliance, and Lofty.
Emtech will use the newly acquired funds to further develop its infrastructure tools catering to central banks and fintech companies, as stated in an official statement.
Having secured $10 million in funding thus far, Emtech had previously raised $5 million in a seed round from Level Up Ventures in November last year, followed by a recent $2 million extension.
Founded in 2019 by Carmelle Cadet, a former Executive at IBM Finance, Blockchain & Technology, Emtech offers an API-First Platform that facilitates connections between central banks and fintechs for embedded regulatory compliance and central bank digital currency integration. The company is at the forefront of building the next generation of central banking infrastructure for the Web3 era.
Emtech’s success lies in its development of Regtech and CBDC stack solutions utilizing distributed ledger technology (DLT) and blockchain. These solutions have been successfully deployed and utilized by the Central Banks of Ghana, Nigeria, and the Bahamas, significantly advancing their respective Regtech and CBDC agendas. Furthermore, Emtech collaborates with fintechs in these regions, providing valuable insights from both a regulatory and innovation perspective.
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.”
On the fundraise, 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.”