FOMO Pay, SG’s first digital payment token licensee, raises $13m in Series A

FOMO Pay, the Singapore-headquartered major payment institution that enables the digital economy with global virtual banking solutions for financial institutions and enterprises, announced that it has secured a $13 million investment in its Series A round led by Jump Crypto.

The funding round was also participated by HashKey Capital, Antalpha Ventures, Ab Initio Capital, and Republic Capital, according to the announcement.

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; and diversify product offerings following the crypto adoption curve including working closely with regulators on Central Bank Digital Currency (CBDC) projects.

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.

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 services such as merchant acquisition, domestic money transfer, cross border money transfer, and digital payment token service.

“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,” said Louis Liu, founder and CEO of FOMO Pay.

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, FOMOPayment, FOMOiBank and FOMOCrypto to corporates from numerous different industries.