S’pore fintech firm FOMO Pay raises US$13M to fuel business growth and explore CBDC projects

Singapore-based fintech firm FOMO Pay announced today (August 18) that it has raised US$13 million funding in its Series A round led by Jump Crypto.

Other participating investors include HashKey Capital, Antalpha Ventures, Ab Initio Capital and Republic Capital.

With the injection of fresh funds, the firm said that it will accelerate its growth. Specifically, it’s looking to invest in talent acquisition and its infrastructure, as well as strengthen its research and development capabilities.

After all, FOMO Pay’s mission is to be the leading global banking service provider for the fast-growing digital economy. In line with this, it aims to extend its client base to embrace digital payments and accelerate digital adoption.

It is also looking to diversify product offerings following the strong crypto adoption, and this includes working closely with regulators on Central Bank Digital Currency (CBDC) projects.

Additionally, it is also eyeing geographic expansion with a first-mover advantage on license and compliance into other jurisdictions.

2022 has so far been a breakout year for FOMO Pay – we are seeing significant growth across all business lines. Our volumes for the first half of 2022 have already surpassed the full year 2021 levels and our client pipeline is extremely strong. We attribute this success to the hard work of our team and their effort to always put customers first.

This is a milestone year for us as we turn eight years old. We will continue to strive hard towards building Asia’s first licensed payment ecosystem with interoperability between fiat and crypto currencies, and we are grateful to the unwavering support and belief from our investors, stakeholders and partners.

FOMO Pay was the first firm in Singapore that was granted approval by the Monetary Authority of Singapore (MAS) for Digital Payment Token (DPT) Services. It is also the first DPT licensee to offer crypto payment solution for Singapore retailers.

Founded in 2015, FOMO Pay is a homegrown fintech company offering its flagship solutions by helping institutional clients connect to e-wallets, credit cards, cryptocurrencies, and more with its global banking solutions.

Today, FOMO Pay is one of the largest digital payment and banking solution providers, servicing several thousands of clients across Web2 and Web3 industries.

Featured Image Credit: FOMO Pay