XanPool, a cross-border payments infrastructure startup, has raised $41 million led by Target Global to accelerate expansion plans across Europe, Middle East, North Africa and Latin America.

Launched in 2019, the Hong Kong-based startup, which supports both crypto and fiat currencies, has grown rapidly during the pandemic amid a boom in cross-border commerce in Asia as merchants who have traditionally relied on financial intermediaries such as Visa and Mastercard to process international payments switch to Xanpool’s platform.

The startup claims it currently has a user base of over 2 million and will use the fresh funds to tap opportunities in new growth markets outside of Asia, its biggest market.

It will also bankroll plans to establish a research and development hub in Thailand, where the founder, Jeffrey Liu aims to relocate the firm’s team of remote software engineers and product developers in the coming years.