International money transfer platform EMQ has reportedly netted $6.5m in its Series A funding round.
The capital came from unnamed Silicon Valley entrepreneurs and international venture capital firms, according to a report by DealStreetAsia which cites the company’s founder.
Hong Kong-headquartered EMQ is a secure platform for customers to transfer money internationally at a low cost. The app, which is available on iOS and Android, works by making the exchange through two low-cost local bank transfers.
Currently, users can transfer from Hong Kong to the Philippines, Indonesia, and Vietnam, with it soon supporting China as well.
Capital from this funding round will be used by the company to support its expansion in regulatory approvals, and for research and development in compliance solutions, it said. The funding will also support the launch of its commercial initiatives. EMQ is looking to grow its international presence to North America and Europe across the next two years, the article states.
Earlier in the year, the company partnered with Chinese mobile payment and dig data company QFPay. This strategic partnership will enable the company to make real-time payments across Indonesia.
Fellow international payment solution Airwallex also closed a funding round earlier this week, with the company netting $6m from Square Peg Capital. This investment comes just months after the firm raised $13m from its Series A round led by China-based Tencent.
The payments and remittance sector has received the biggest focus in Hong Kong’s FinTech space, being responsible for 23 per cent of the total transactions.