FOMO Pay COO and Co-Founder Zack Yang (left) and Founder and CEO Louis Liu
Singapore-based fintech startup FOMO Pay today announced that it had secured a US$13 million investment for its Series A round led by Jump Crypto. Other participating investors include HashKey Capital, Antalpha Ventures, Ab Initio Capital, and Republic Capital.
In a press statement, the company said that with the injection of fresh funds, the firm will accelerate its growth and will invest in talent acquisition and its infrastructure. It will also strengthen research and development capabilities, expand geographically, extend its client base, and diversify product offerings following the crypto adoption curve, including working closely with regulators on Central Bank Digital Currency (CBDC) projects.
“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 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 always to put customers first,” said FOMO Pay Founder and CEO Louis Liu.
“This is a milestone year for us as we turn eight. We will continue to strive hard toward building Asia’s first licensed payment ecosystem with interoperability between fiat and crypto currencies, and we are grateful for the unwavering support and belief from our investors, stakeholders and partners. We are extremely proud and grateful to be one of the front-runners in this industry in Singapore. Singapore has been at the forefront of innovation with a world-leading licensing and regulatory framework. 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,” further added Liu.
Also Read: News Roundup: Singapore’s online hiring demand dips due to COVID-19; FOMO Pay forays into Malaysia
Founded in 2015, FOMO Pay is a payment institution that aims to enable the digital economy with global virtual banking solutions for financial institutions and enterprises. Its flagship solutions help institutional clients connect to e-wallets, credit cards, cryptocurrencies, and more with its global banking solutions.
It was the first firm in Singapore granted approval by the Monetary Authority of Singapore (MAS) for Digital Payment Token Services. It is licensed to provide Merchant Acquisition Service, Domestic Money Transfer Service, Cross Border Money Transfer and Digital Payment Token Service.
The company said that it is working with several thousands of clients across Web2 and Web3 industries. Over the past year, FOMO Pay has announced several strategic partnerships with firms such as Circle, Acentrik (initiative by Mercedes-Benz), and Ripple.
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Image Credit: FOMO Pay
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