Hong Kong-based cross-border payment solution provider EMQ on Tuesday announced that it has raised USD 20 million in a Series B round led by WI Harper Group, according to a statement.
The round saw participation from new and existing investors including Taiwanese VC firm AppWorks, Abu Dhabi Capital, Intudo Ventures, and Quest Venture Partners, among others.
EMQ plans to use the investment to accelerate international growth, product development, and licensing in countries across Asia, Europe, and the United States. “As we look to the future, we will continue to invest significantly towards constant innovation of our cross-border solutions and compliance capabilities, to deliver additional value to the global payments ecosystem,” said the company’s co-founder and CEO Max Liu. The cross-border B2B payments market value is expected to exceed USD 218 trillion by 2022, according to Juniper Research.
The company previously raised USD 6.5 million in its Series A back in 2017.
Launched in 2014, EMQ offers international remittance services in Asia, which are mainly used by migrant workers to send money back to their home countries. It partners with financial institutions in various countries and provides recharge and cash support through banks and other methods.
EMQ cooperates with other digital payment services such as Qianfang’s QFPay and WeChat Pay in Hong Kong. The company currently operates in Hong Kong, Singapore, Indonesia, Taiwan, and Canada, among others.
(The article has been updated to correctly reflect the name of Quest Venture Partners.)