The fintech firm also plans to strengthen its research and development capabilities aside from expanding geographically, and extend its client base to include more mainstream institutions
A US$13 million investment has been snagged by the Singapore-based fintech firm FOMO Pay in Series-A funding round led by Jump Crypto, a division of Chicago trading firm Jump Trading Group
HashKey Capital, Antalpha Ventures, Ab Initio Capital and Republic Capital are the other investors.
It intends to use its fresh funding to accelerate growth as well as invest in talent acquisition and the company’s infrastructure, the fintech firm said in a press statement on Thursday, 18 August.
The fintech firm also plans to strengthen its research and development capabilities aside from expanding geographically, and extend its client base to include more mainstream institutions.
By working closely with regulators on central bank digital currency projects, FOMO Pay further aims to diversify its product offerings.
2022 has been a “breakout year” so far as FOMO Pay experienced significant growth across all business lines, said Louis Liu, founder and chief executive of the fintech firm.
“Our volumes for the first half of 2022 have already surpassed the full year 2021 levels and our client pipeline is extremely strong,” he added.
Under the Payment Services Act licensing framework, licences obtained by the startup from the Monetary Authority of Singapore (MAS) enable it to conduct four out of seven key regulated activities.
To provide merchant acquisition, domestic money transfer and digital payment token services are the three of these licences that were recently obtained last year. Cross-border transfer services were its first licence from MAS.
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