SG fintech firm Fomo Pay banks $13m in series A money

Fomo Pay, a Singapore-based fintech firm, has raised US$13 million in its series A funding round led by Jump Crypto – the digital assets arm of Jump Trading Group.

Investors including HashKey Capital, Antalpha Ventures, Ab Initio Capital, and Republic Capital also took part in the fundraise.

Fomo Pay founder and CEO Louis Liu (right) / Photo credit: Fomo Pay

Founded in 2015, Fomo Pay provides a one-stop solution for merchants in Singapore and Malaysia by facilitating a variety of payment methods such as WeChat Pay, Baidu Wallet, GrabPay, and Visa QR.

The latest investment will be used to ramp up hiring and develop its infrastructure. The startup will also diversify its product offerings and work with regulators on central bank digital currency projects.

In September 2021, Fomo Pay secured new licenses from the Monetary Authority of Singapore to operate three new regulated activities: a merchant acquisition service, a domestic money transfer service, and a digital payment token service.

See also: Razer’s payments platform is profitable a year from launch, has global ambitions

“Our goal is to work in harmony with all stakeholders on both developmental and regulatory approaches to achieve the vision of Singapore as an innovative and responsible global digital asset hub,” said Fomo Pay founder Louis Liu.

Fomo Pay said it recorded higher transaction volumes in the first half of the year compared to its full-year levels in 2021. The company added that it has an “extremely strong” client pipeline.