Who invests in CBDC infrastructure?

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Central Bank Digital Currency (CBDC) infrastructure has become one of the most closely watched fintech investment sectors, with over $15 million in disclosed private funding and multiple government partnerships driving rapid development.

The investment landscape spans venture capital firms like Matrix Partners India leading $4 million rounds, to central bank consortiums funding multi-million dollar cross-border payment platforms. Understanding who's backing which technologies and at what valuations is crucial for anyone looking to enter this emerging market as either an entrepreneur or investor.

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Who are the top private investors currently backing CBDC infrastructure startups, and what companies have they funded?

Matrix Partners India leads the private investment landscape, having committed $4 million in a seed round for Emtech Solutions, the most funded CBDC infrastructure startup to date.

LoftyInc Capital, an African-focused VC with a $43 million first close, has also backed Emtech alongside several other investors including BTN.vc, VestedWorld, Equity Alliance, Level Up Ventures, and Collide Capital. European and US-based private investors have funded Fluency's Aureum platform with $1.3 million at a $23.5 million pre-money valuation.

Accenture Ventures represents the corporate strategic investment side, having made an undisclosed investment in Emtech to help central banks modernize their systems. This investment aligns with Accenture's broader consulting work across Canada, Singapore, South Africa, Sweden, and Switzerland in the CBDC space.

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The investor syndicate around Emtech is particularly notable because it combines both geographic diversity and sector expertise, with Matrix Partners bringing India market knowledge while LoftyInc focuses specifically on African fintech infrastructure where several CBDC pilots are taking place.

How much capital have these investors committed, and at what valuation stages or terms?

Emtech Solutions has raised $10 million total funding, with the most recent $4 million seed round led by Matrix Partners India at undisclosed valuation terms.

Fluency secured $1.3 million in seed funding at a $23.5 million pre-money valuation, representing one of the few disclosed valuations in the CBDC infrastructure space. LoftyInc Capital operates with a $43 million fund size for its first close, targeting seed and pre-seed investments in African startups.

Most strategic corporate investments remain undisclosed, including Accenture Ventures' stake in Emtech and Ripple's commitments to its CBDC Platform development. The lack of valuation transparency is typical for enterprise infrastructure startups working closely with government entities, where commercial terms often involve pilot partnerships rather than pure equity arrangements.

The seed-stage focus reflects the early maturity of the CBDC infrastructure market, with most companies still building core technology platforms rather than scaling commercially proven solutions.

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Which governments or central banks have directly invested in or partnered with CBDC infrastructure providers?

The Bank for International Settlements Innovation Hub leads the most significant government investment through co-development and governance of the mBridge platform, which has processed over $22 million in pilot transaction value.

What geographies are seeing the most CBDC infrastructure investment activity in 2024 and 2025?

Asia dominates CBDC infrastructure investment activity, with China, Hong Kong, Singapore, Thailand, UAE, and Saudi Arabia leading both pilot implementations and private sector partnerships.

Africa represents the second-largest investment geography, driven primarily by Emtech's focus on Ghana, Nigeria, and Bahamas markets, attracting major VC interest from Matrix India and LoftyInc Capital. The Caribbean and Latin America show emerging activity through projects like the Bahamas Sand Dollar and Nigeria's e-Naira adoption initiatives.

Europe's investment activity centers around the European Central Bank's Digital Euro innovation platform, which partners with approximately 70 private companies for short-term innovation projects. North America remains less active in direct CBDC infrastructure investment, though Canadian and US companies like Accenture provide consulting and integration services globally.

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The geographic concentration reflects regulatory openness and central bank innovation strategies, with Asian countries pursuing more aggressive pilot timelines compared to Western markets that remain in longer research phases.

Which major fintech, crypto, or traditional finance giants are actively backing CBDC tech or infrastructure companies?

Ripple leads crypto industry investment through its dedicated Ripple CBDC Platform, with public-sector pilots including the Palau CBDC implementation and undisclosed investment commitments.

Accenture represents traditional consulting investment through Accenture Ventures' stake in Emtech, leveraging its global consulting relationships across multiple central bank jurisdictions. Consensys offers Ethereum-based CBDC solutions and participates in several proof-of-concept projects, though specific investment amounts remain undisclosed.

Giesecke+Devrient (G+D) engages in CBDC pilots including Ghana's offline transaction trials, focusing on the five key success factors they've outlined for digital cash implementation. IBM partners with Hedera for public DLT integration, specifically supporting Emtech's Ghana hackathon initiatives.

Standard Chartered's SC Ventures developed the Liberty prototype for Singapore's MAS CBDC challenge, representing traditional banking sector engagement in CBDC infrastructure development. These partnerships typically involve strategic technology development rather than pure financial investment.

Which specific startups or firms are receiving the most attention or funding in the CBDC infrastructure space?

Emtech Solutions dominates CBDC infrastructure startup funding with $10 million total raised, including the $4 million seed round led by Matrix Partners India.

The company's CBDC Innovation Kit for fintech experimentation and API-led sandbox solutions for KYC/AML testing have attracted investors across multiple geographies. Fluency ranks second with $1.3 million seed funding for its Aureum multi-CBDC platform, notable for its disclosed $23.5 million pre-money valuation.

Ripple CBDC Platform, while part of a larger corporation, represents significant dedicated investment in CBDC infrastructure with pilot commitments in Palau and other jurisdictions. Several other startups participate in central bank innovation challenges, including the 14 projects selected for Bank of Israel's digital shekel challenge and various participants in Singapore's MAS CBDC initiatives.

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The funding concentration reflects the technical complexity and regulatory requirements of CBDC infrastructure, which favor companies with proven central banking relationships and regulatory compliance expertise.

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What is the total amount of capital raised globally for CBDC infrastructure projects in 2024 and so far in 2025?

At least $15 million in disclosed private funding has been raised for core CBDC infrastructure startup platforms, led by Emtech Solutions ($10 million total), Fluency ($1.3 million), and undisclosed amounts for Ripple CBDC Platform development.

The mBridge platform represents significantly larger capital commitment through central bank contributions, having processed over $22 million in pilot transaction value and reached MVP stage launch in mid-2024. Government and central bank investments typically don't follow traditional venture capital disclosure patterns, making total public sector investment difficult to quantify precisely.

Strategic corporate investments from companies like Accenture Ventures remain undisclosed, though these likely represent millions in additional capital given the scale of global consulting engagements. LoftyInc Capital's $43 million fund size indicates substantial dry powder specifically targeting African fintech infrastructure including CBDC-related startups.

The relatively modest disclosed private funding reflects the early-stage nature of commercial CBDC infrastructure, with most activity still in pilot and proof-of-concept phases rather than full commercial deployment.

What are the dominant use cases or technologies being developed by the most funded CBDC infrastructure players?

Cross-border wholesale payments dominate investment focus, exemplified by the mBridge platform enabling real-time payment-versus-payment settlements between central banks.

• Emtech's CBDC Innovation Kit provides sandbox infrastructure for fintech experimentation and regulatory compliance testing
• Fluency's Aureum platform focuses on multi-CBDC interoperability and cross-border retail payment solutions
• Ripple CBDC Platform emphasizes central bank-grade infrastructure with enterprise security and scalability features
• Programmable money and tokenization capabilities for conditional payments and split wallet functionality
• API-led sandbox solutions enabling KYC/AML testing and regulatory sandbox infrastructure

Privacy-enhancing technologies represent emerging investment areas, with BIS Innovation Hub Projects Aurum 2.0, Hertha, and Tourbillon exploring advanced cryptographic approaches. Offline CBDC transaction capability has attracted investment through trials in Ghana and other markets where internet connectivity remains inconsistent.

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Are there any breakthrough R&D efforts or novel technical approaches currently being financed in this sector?

Privacy-enhancing technologies (PETs) lead breakthrough R&D investment through BIS Innovation Hub Projects Aurum 2.0, Hertha, and Tourbillon, exploring zero-knowledge proofs and advanced cryptographic approaches for CBDC privacy.

Offline CBDC transaction capability represents another major R&D focus, with trials in Ghana demonstrating transactions without internet connectivity using cryptographic techniques and secure elements. Giesecke+Devrient emphasizes offline functionality as one of five key success factors for digital cash implementation.

Interoperability frameworks receive significant research investment through BIS system design guidance for modular, cross-system connectivity. The mBridge platform itself serves as a live R&D environment for multi-CBDC bridge technology, with participating central banks contributing both funding and technical expertise.

Quantum-resistant cryptography development addresses long-term security requirements, with BIS recommendations emphasizing quantum-resistant crypto alongside high TPS capabilities and air-gapped data center requirements. Smart contract integration for programmable money features attracts investment through projects like Bank of Israel's sandbox and Singapore's MAS challenge.

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What type of investors—VCs, sovereign wealth funds, banks, or corporations—are driving the most capital inflow?

Venture capital firms currently drive the most disclosed private capital inflow, led by Matrix Partners India's $4 million investment in Emtech Solutions and LoftyInc Capital's $43 million fund focused on African fintech infrastructure.

Development finance institutions and sovereign wealth funds back VC funds like LoftyInc Alpha through Proparco, IFC, and FMO, providing indirect sovereign capital to CBDC infrastructure startups. Corporate venture arms including Accenture Ventures make strategic investments, while technology corporations like Ripple, Consensys, and IBM provide both capital and platform development resources.

Commercial banks participate primarily through corporate venture units, such as Standard Chartered's SC Ventures developing the Liberty prototype for Singapore's MAS CBDC challenge. Central banks represent the largest source of capital through direct pilot funding and consortium participation, though these investments follow different disclosure patterns than traditional venture capital.

The investor mix reflects the unique position of CBDC infrastructure at the intersection of fintech innovation and central banking regulation, requiring both commercial investment expertise and deep regulatory relationships.

What signals or trends suggest where investor interest is heading for CBDC infrastructure in 2026?

Multi-CBDC bridge expansion signals the strongest investor interest trend, with mBridge platform preparing to onboard additional central banks and private sector participants throughout 2026.

Broader retail CBDC pilots indicate scaling investment opportunities, particularly India's e-Rupee expansion to more cities and the EU's digital euro preparation phase starting Q4 2025. Data-driven monetary policy tools represent emerging investment themes, with central banks exploring interest-bearing CBDC and tiered remuneration models developed by ECB and BIS research.

Tokenized asset integration shows growing investor interest as CBDC platforms evolve to support tokenized bonds and securities settlement, creating new infrastructure requirements. Corporate venture capital activity is expected to increase as traditional financial institutions recognize CBDC infrastructure as critical competitive technology rather than experimental projects.

Geographic expansion beyond current Asian and African hotspots appears likely, with European and North American institutions moving from research phases to pilot implementations requiring private sector infrastructure partnerships.

What barriers to entry or regulatory factors are shaping how investors approach the CBDC infrastructure market?

Interoperability challenges create the highest barriers to entry, requiring technical, legal, and commercial coordination across domestic payment systems and international standards that many startups cannot navigate independently.

Cybersecurity and resilience requirements demand substantial capital investment for high TPS capabilities, air-gapped data centers, and quantum-resistant cryptography per BIS recommendations, limiting viable competitors to well-funded companies. Legal and governance framework development requires ongoing investment in regulatory compliance and participation in rulebook development processes like mBridge governance structures.

Monetary policy impact considerations create regulatory uncertainty around tiered interest rates, holding caps, and coordination with existing e-money systems, making investor risk assessment more complex. The requirement for central bank relationships and regulatory approval processes heavily favors companies with existing financial services compliance expertise and government partnerships.

Long development timelines and uncertain commercial deployment schedules require patient capital and strategic rather than purely financial investors, shaping the investor profile toward corporate strategic investors and development finance institutions rather than traditional growth equity funds.

Conclusion

Sources

1. TechCrunch - Emtech raises $4M led by Matrix Partners India
2. Inclusion Times - Emtech secures $4 million seed investment
3. Mariblock - Emtech secures $4 million seed investment
4. Ledger Insights - Accenture invests in CBDC firm Emtech
5. Finextra - Fluency announces $1.3M funding at $23.5M valuation
6. Hong Kong Monetary Authority - mBridge project announcement
7. Bank of Thailand - CBDC presentation
8. Norton Rose Fulbright - UAE mBridge project
9. Bank of Thailand - mBridge news update
10. Bank for International Settlements - mBridge project
11. Global Government Fintech - ECB Digital Euro innovation platform
12. World Business Outlook - Ripple announces CBDC platform
13. Consensys - CBDC solutions
14. Giesecke+Devrient - Five key factors for digital cash
15. AVCA - LoftyInc invests in African central banking infrastructure
16. Global Government Fintech - Bank of Israel digital shekel challenge
17. SC Ventures - Liberty meets MAS CBDC challenge
18. IMF - CBDC research paper
19. BIS - System design guidance
20. MSME Africa - LoftyInc Capital raises $43M
21. BIS - CPMI publication on CBDCs
22. European Central Bank - Digital euro research
23. HKMA - Tokenized asset integration