Hong Kong-based FinTech startup EMQ has secured US$ 20M in a Series B funding round led by global VC firm WI Harper Group in August 2020. New and existing investors including Abu Dhabi Capital, AppWorks, DG Ventures, Hard Yaka, Intudo Ventures, January Capital, Quest Venture Partners, SparkLabs Taipei, Vectr Fintech Partners, and VS Partners also participated in the round.
Max Liu founded the startup in 2014 that runs a world-wide financial settlement network that provides a faster, more affordable, and transparent cross-border settlement solution for businesses around the world while sticking to complex guidelines and agreement standards in different markets. Their network infrastructure is very flexible and has been built to efficiently settle any cross-border transfer of money and can be positioned across multiple vertical industries for a wide range of services, including e-commerce, merchant settlement, procurement, remittance, insurance, trade settlement, payroll, etc.
EMQ’s network is spread across Asia Pacific, Africa, Europe, and North America, with licenses in Hong Kong, Singapore, and Indonesia. The company was also accepted in Taiwan by the region’s Financial Supervisory Commission. The fresh funds raised will be used by EMQ to expand its business globally. CEO Max Liu said, “We are onboarding enterprise customers around the world and process cross-border payments across 80 key markets. We are also focusing on increasing our regulatory footprint in key markets such as the UK, EU, Japan, and Australia.”
EMQ has introduced an enterprise payment solution with same-day settlement services across its main markets. The CEO claims they have witnessed a healthy ramp-up on these services and they expect this to contribute to 50% of their gross transaction value in 2021. The startup had also increased its licenses from two to five, which led its payout capability increase from 4 markets to over 80, and saw its irregular annual transaction volume increase by 70x. They have also been successful in strengthening their coverage in China to over 130 banks. “With the acceleration in digital payments across the world in part due to Covid-19, enterprises will need network infrastructure like EMQ to streamline the complexities in processing real-time international payments across multiple jurisdictions”, the CEO concluded.
The startup had previously secured US$ 6.5M in a Series A funding round held in 2017 from individual investors and international VC firms whose names were not disclosed.
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