Currenxie, a Hong Kong-based cross-border payments startup, has raised $10m in a Series A funding to expand its product offering.
The funds will also be used by the firm to add new resources to its 35-member team and expand its reach into new markets in Europe and Southeast Asia.
The funding round was led by family office BF Belmont.
Founded in 2014, Currenxie provides cross-border payments and business account solutions to businesses of all sizes.
Its virtual account networks in the B2B fintech space is claimed to span across 10 jurisdictions, 30 countries, and 18 currencies.
The Currenxie Global Account platform, its cloud-based core banking system, facilitate the transaction of the funds across its banking network in real-time.
Commenting on the development, Currenxie founder and CEO Riccardo Capelvenere said: “From the start, we have focused on building a platform that will give our clients access to a truly borderless economy.
“Thanks to BF Belmont, we’re now able to accelerate our global growth and expansion plans – creating more value that will be transferable to our clients. The demand for seamless cross-border solutions will only increase, and our high calibre team is ready for this opportunity.”
As part of the funding round, official investor representative Gordon Kwong has been newly nominated as Currenxie director.
Kwong said: “With their many decades’ worth of experience, the Currenxie team has developed an impressive plan for the future of payments – one that will capture the global growth in eCommerce.
“The combination of their proprietary technology, network, and infrastructure demonstrates their readiness to succeed in – and shake up – the cross-border payments ecosystem and set a new standard within the financial industry. We’re excited to be a part of this journey.”
Last month, Suning Financial Services received the regulatory nod to carry out cross-border remittance and exchange business in Hong Kong.