EMQ, which operates a financial settlement network to streamline cross-border transactions, has raised $20m in Series B funding round.

The round was led by WI Harper Group and saw the participation of several new and existing investors.

The new proceeds will be used to support EMQ’s international growth, licencing in key markets and product development.

EMQ co-founder and CEO Max Liu said: “At EMQ, we are building a global settlement network that enables everyone to send money anywhere in the world and to any end point with a simple one-stop integration.

“This new funding marks a significant milestone in our next phase of strategic growth as we continue to innovate and deliver a network infrastructure that complies with regulatory requirements and streamlines the complexities in processing real-time international payments across the whole payment ecosystem.

“We are excited to partner with WI Harper as well as our new and existing VCs, who share our passion to make infrastructure a competitive advantage for next-generation enterprises.”

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EMQ’s network infrastructure is flexible and can be deployed to meet the requirements for various industry verticals. The technology expedites settlements by eliminating redundant intermediaries and integrating all end-points.

Currently, EMQ is licenced in Hong Kong, Singapore and Indonesia. It is also registered as a Money Service Business in Canada.

Earlier this month, Cambodia-based microfinance institution AMK partnered EMQ to facilitate cross-border money transfer across Southeast Asia.