September 10, 2024
Accenture, a company specializing in information and financial technology services, has invested in the fintech startup Emtech. Emtech offers software-as-a-service solutions to central banks and fintech firms, and Accenture plans to incorporate Emtech’s products into its core banking services.
Project | Latest Raise Date | Stage | Lead Investor | Category |
|---|---|---|---|---|
Emtech | September 10, 2024 | Strategic Investment | Accenture | FinTech |
Founded in 2019 by former IBM Blockchain executive Carmelle Cadet, Emtech serves seven central banks, including those of Ghana, Nigeria, Guinea, Liberia, Sierra Leone, Gambia, and the Bahamas. It also developed a central bank digital currency (CBDC) proof-of-concept for the Bank of the Republic of Haiti. The investment terms were not disclosed, but Emtech will join the Accenture Venture Project Spotlight accelerator. In August 2023, Emtech secured $4 million in seed funding, following a $6 million pre-seed investment in 2022.
Emtech employs a unified ledger model for its CBDC services and partnered with Hedera Hashgraph in 2021 to offer the Hedera Token Service and Hedera Consensus Services. In July 2023, it launched its CBDC Innovation Kit simulator, which includes prebuilt application programming interfaces.
Accenture and Emtech are also collaborating on the Digital Dollar Project, an initiative led by former Commodity Futures Trading Commission Head J. Christopher Giancarlo. Accenture is a founding member of the project, and Emtech joined its Technical Sandbox Program in 2022.
About Emtech
Emtech is a company that helps modernize central banking for the fintech and Web3 era. They provide a platform that connects central banks and financial service providers, offering services like regulatory sandboxing, licensing, supervision, compliance, and currency management.
Their goal is to make financial markets more inclusive and resilient by digitizing processes and standardizing data reporting. Emtech works with several central banks, including those in Ghana, Nigeria, Liberia, and the Bahamas. They also offer tools for managing digital currencies and compliance in a seamless, API-driven way.
Website: https://emtech.com/
About Investor
Investor: Accenture
Accenture is a global professional services company that provides a wide range of services in strategy, consulting, digital, technology, and operations.
As an investor, the company focuses on creating value through digital transformation, leveraging technologies like AI, cloud computing, and cybersecurity to help clients achieve their business goals. Accenture’s commitment to sustainability and continuous improvement also positions it well for long-term growth.
Website: https://www.accenture.com/
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