Singapore treasury management platform Finmo has announced raising $18.5 million in its oversubscribed Series A funding round co-anchored by fintech investors Quona Capital and PayPal Ventures.
The fundraising, which was also backed by Citi Ventures, brings Finmo’s total funding to date to $27 million, per the announcement.
Founded in 2021, Finmo aims to simplify treasury operations for companies of all sizes, particularly in Asia Pacific and beyond. Its Treasury Operating System (TOS) streamlines payments, improves cash flow visibility, and manages foreign exchange risks.
The platform, designed for businesses operating across multiple geographies, also automates compliance and liquidity management, Finmo said.
“This funding validates our vision of transforming how global businesses manage their treasury function and enables us to scale our platform, enhance our technology further, and expand into new markets,” said Finmo CEO and co-founder David Hanna.
In 2023, Finmo issued shares worth $8.5 million to investors, including Alumni Ventures, Rocket Internet, Soma Capital, and Global Founders Capital, as part of its seed round. The startup had secured $5 million as part of the round from Insignia Ventures.
In 2021, Finmo raised $3.5 million in pre-seed financing.
Its top shareholders include Insignia Ventures Partners, Rocket Internet, Global Founders Capital, Geometry Ventures Two, and Soma Capital, among others, data compiled by DealStreetAsia’s DATA VANTAGE showed.
Finmo’s top shareholders prior to the latest round
With the fresh capital, Finmo said it will fast-track product development, enhance its AI capabilities, and expand globally.
Finmo’s funding comes as Southeast Asia’s fintech sector continued to evince significant investor interest in January, drawing in $92.8 million from 13 deals, accounting for 68.27% of total funding last month.
Overall, startups in the region secured only $136 million from 35 equity deals, marking a steep 80.3% drop from the $692 million raised in December 2024, according to proprietary data from DealStreetAsia.
