HQ, a ground transportation provider, announced that Amex Ventures has made an investment to help accelerate the rollout of enhancements to its mobility platform, targeting both large enterprises and small to medium-sized businesses (SMBs). The announcement was shared at the GBTA 2024, a global event for the business travel industry in Atlanta.
HQ services clients internationally, including Fortune 500 companies, some of the world’s largest banking institutions and global law firms, according to the announcement. In recent years, HQ has expanded its geographical footprint beyond the UK and US, with notable growth across Asia-Pacific and Europe/Middle East/Africa to meet the needs of its large clients within the financial sector. This capital injection marks a “milestone” for HQ, said the announcement.
The funding from Amex Ventures will support a number of initiatives, according to the announcements, such as helping HQ to enhance its fintech and payment solutions, specifically by strengthening its travel and expense management technology.
Additionally, the investment will support advancements in HQ’s next-generation payment and expense management solutions. HQ plans to also leverage this financial infusion across its research and development (R&D) team, focusing on strengthening its existing AI and machine-learning technological capabilities. HQ will expedite further R&D resources across its powerful end-to-end platform with a continued commitment to providing customers with spend control, travel policy compliance and global supplier coverage.
Amiad Solomon, CEO of HQ , said that with Amex Venture’s strategic investment, “we will focus on enhancing our fintech and payment solutions within our platform alongside market expansion. This funding positions us to better accelerate our technological development and deliver even greater value to our customers.”
Margaret Lim, managing director at Amex Ventures , said the company is excited about “HQ’s mission to modernize the end-to-end ground transportation management experience for businesses around the world, and we look forward to helping them grow.”
