" class="no-js "lang="en-US"> Singapore’s First Digital Payment Token Licensee FOMO Pay, Raises USD 13 Million in Series A Round - Fintech Finance
Sunday, May 26, 2024

Singapore’s First Digital Payment Token Licensee FOMO Pay, Raises USD 13 Million in Series A Round

FOMO Pay, the Singapore-headquartered major payment institution that enables the digital economy with global virtual banking solutions for financial institutions and enterprises, today announced that it has secured a USD 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.

With the injection of fresh funds, the firm will accelerate its growth and will invest in talent acquisition and its infrastructure. The firm will also strengthen research and development capabilities, as well as a geographical expansion. The firm will also:

  • Extend its client base to embrace digital payments and accelerate digital adoption with more main-stream institutions stepping into the digital asset space.
  • Expand geographically with first-mover advantage on license and compliance into other jurisdictions.
  • Diversify product offerings following the crypto adoption curve including working closely with regulators on Central Bank Digital Currency (CBDC) projects.

Commenting on the successful closing of its Series A fundraising, Louis Liu, Founder and CEO of FOMO Pay said, “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. 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. .

FOMO Pay 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.

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. Over the past year, FOMO Pay was proactively involved in developing the innovation landscape within the Web3 ecosystem and has announced several strategic partnerships with firms such as Circle, Acentrik (initiative by Mercedes-Benz), Ripple, and many others. The firm offers its flagship products, FOMO Payment, FOMO iBank and FOMO Crypto to corporates from numerous different industries.

“FOMO Pay has established its firm footing as a leading local digital payment and banking solution provider which we believe is the future gateway for financial services. The financial technology space is rapidly evolving and we believe FOMO Pay will continue to be a leading innovative player in this space in creating a seamless and secure payments ecosystem,” said Tak Fujishima, Head of Asia for Jump Crypto. Jump Crypto is the digital assets arm of the Jump Trading Group.

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