Singapore-based FinTech firm Finmo, which specialises in treasury management solutions, has secured $18.5m in an oversubscribed Series A funding round.
The investment was led by the venture arms of Citi and PayPal, alongside participation from Quona Capital, according to Finextra.
With this latest capital injection, Finmo’s total funding now stands at $27m. The company plans to leverage the new funds to accelerate product development, invest in artificial intelligence capabilities, and expand its global footprint.
Finmo’s platform is designed to streamline real-time payment processes, enhance cash flow visibility, manage foreign exchange risks, ensure compliance, and automate manual treasury tasks. It also provides financial decision-making tools, including excess liquidity management, catering to businesses operating across multiple geographies.
The fresh capital will enable Finmo to scale its operations, refine its technology, and enter new markets. The firm aims to transform the way global businesses handle their treasury functions by offering an all-in-one solution for financial management.
“We are thrilled to have the support of esteemed investors such as PayPal Ventures, Quona, and Citi Ventures,” Finmo CEO and co-founder David Hanna said. “This funding validates our vision of transforming how global businesses manage their treasury function and enables us to scale our platform, enhance our technology further, and expand into new markets.”
Hanna brings extensive experience to Finmo, having held senior positions at PayPal, Ernst & Young, Zurich, ING Bank, and Banxa. Other key members of the leadership team have backgrounds at Citicorp, Rapyd, Nium, and Luno, contributing to the company’s expertise in financial services and technology.
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