EMEA Daily: AI Firm G42 Launches $10B Tech Fund
Today in Europe, the Middle East and Africa (EMEA) news, G42 has partnered with the Abu Dhabi Growth Fund (ADG) to launch a $10 billion investment vehicle, while VertoFX has acquired the Indian innovation studio Locusnine.
G42, an artificial intelligence (AI) and cloud computing firm based in the United Arab Emirates, has launched the $10 billion G42 Expansion Fund to invest in late-stage growth technology companies. The fund was formed in partnership with Abu Dhabi Growth Fund (ADG) and will be managed by a subsidiary of G42.
VertoFX, a London-based foreign exchange (FX) platform and cross-border payments solution, has acquired Indian software developer and engineering innovation studio Locusnine. Locusnine has been an important partner for VertoFX since 2019, when the two firms first started working together to build Verto’s cross-border payments platform.
LePrix has expanded its B2B marketplace for pre-owned luxury goods into Europe and has converted its consumer-facing website (leprix.com) to a wholesale platform. The new LePrix Europe will be based in Paris and will help the region’s retailers source authentic, pre-owned products at scale rather than having to procure them in smaller quantities from several suppliers.
Crypto platform Wirex is integrating SEPA (Single Euro Payments Area) Instant and Faster Payments to make it easier for users in the U.K. and the European Economic Area (EEA) to transfer British pounds and euros between Wirex and their bank accounts. Wirex partnered with digital payment infrastructure provider Modulr to facilitate deposits and withdrawals via SEPA Instant. The new payment method is being offered to its 5 million customers in addition to the debit/credit card options already offered on the platform.
Vyne, an open banking payments platform, has announced a partnership with Wix, a Software-as-a-Service (SaaS) content management system. The partnership will give Wix’s U.K.-based merchants access to Vyne’s account-to-account (A2A) payments infrastructure. Merchants that have built their online stores with Wix will be able to offer their customers the ability to pay directly from their mobile banking app. Vyne is also offering Wix merchants in the U.K. an auto-onboarding solution.
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