Emtech, the software solutions company targeting central banks, has raised $4 million seed investment led by Matrix Partners India.
Excited to partner with @CarmelleCadet building @emtech_inc, a first-of-its-kind modern central banking infrastructure provider.
(1/9) pic.twitter.com/uDEiPZV9Nr
— Matrix India (@matrixindiavc) August 4, 2023
The intention is to advance the progress of both the CBDC stack and the regulatory technology solution. Notable participants in this funding round included:
- Matrix Partners India
- BTN.vc
- VestedWorld
- Equity Alliance
- LoftyInc Capital
- Level Up Ventures
- Collide Capital
These investors are joining Emtech’s existing backers which comprises:
- Noemis Ventures
- Octerra Capital, and
- 500 Global
This funding round elevates the cumulative investment in the 4-year-old company to $10 million, encompassing a $4 million pre-seed investment from the previous year and a recent $2 million extension.
In July 2023, Emtech unveiled its innovative kit for Central Bank Digital Currency (CBDC) which is designed to serve fintech firms and financial service providers who are keen on exploring solutions and business strategies centered around digital currencies that are spearheaded by central banks.
Emtech also offers a digital regulatory platform which aids fintech companies in formulating and assessing prerequisites for various regulatory entities and pre-market technological integration. The regulatory sandbox facilitates regulatory authorities in responding to advancements based on outcomes from real-time testing.
Emtech is currently collaborating with 6 central banks. It has already created regulatory technology (regtech) and Central Bank Digital Currency (CBDC) stack solutions for the Central Banks of Ghana, Nigeria, and the Bahamas. Moreover the company is partnering with fintech firms in various countries to offer essential regulatory and innovation insights.
“We’re the only company globally working with that many central banks at a time,” said, Founder, Carmelle Cadet, in a recent interview.
“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.”
In June 2023, Emtech entered into a collaborative agreement with the West Africa Monetary Institute. Beyond just establishing a shared central bank, the institute’s overarching goal is to develop a unified currency for the region.
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