FOMO Pay secures US$13m in Series A funding

MOBILE payments platform FOMO Pay has snagged a US$13 million investment led by Jump Crypto, a division of Chicago trading firm Jump Trading Group.

Other investors in the Series A round include HashKey Capital, Antalpha Ventures, Ab Initio Capital and Republic Capital.

In a press statement on Thursday (Aug 18), the Singapore-headquartered fintech said it intends to use its fresh funding to accelerate growth as well as invest in talent acquisition and the company’s infrastructure.

Aside from expanding geographically, the company also plans to strengthen its research and development capabilities and extend its client base to include more mainstream institutions.

FOMO Pay further aims to diversify its product offerings by working closely with regulators on central bank digital currency projects.

The company’s founder and chief executive, Louis Liu, said 2022 has been a “breakout year” so far as FOMO Pay experienced significant growth across all business lines.

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“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.

Licences obtained by the startup from the Monetary Authority of Singapore (MAS) enable it to conduct 4 out of 7 key regulated activities under the Payment Services Act licensing framework.

Three of these licences - to provide merchant acquisition, domestic money transfer and digital payment token services - were recently obtained last year. Its first licence from MAS was for cross-border transfer services.