Funding Finmo to help emerging APAC companies expand their footprints

Mid-sized companies in the Asia-Pacific (APAC) have a lot of room to grow, and are poised to benefit from efforts to unify the region’s banking infrastructure and harmonize its regulatory landscape. These firms are set to gain from quicker, more comprehensive and modern payment schemes across geographies.

Complicating things is a lack of comprehensive solutions that can help firms in the region navigate the web of competing payment platforms and reporting environments. As a result, these companies have had to weave together individual products that do everything from monitoring cash flow and managing excess liquidity to complying with regulations and hedging currency positions. What these firms really need is one holistic platform that can help them succeed in the region’s dynamic economic and regulatory environments.

Technological innovation coupled with consumer demand for digital payments have inspired startups to address these issues. They are designing one-stop-shop solutions that not only help companies thrive in Asia’s varied economic landscape, but also improve how they operate and make financial decisions.

We believe the clear leader in this emerging category is Finmo, a unified “Treasury Operating System” that combines real-time payment capabilities, scalable modular design and regulatory compliance tools into a single platform to help companies streamline their treasury functions and address mission-critical challenges.

Finmo stands out among peers with its full suite of treasury solutions. The platform is designed with treasurers and CFOs in mind, knowing that they need one robust tool to manage payments, liquidity and risk. The platform offers its solution in four modules – Money Movement, Cash Management, Foreign Exchange (FX) Management, and Integrations – either as a service or via an API. Use cases include:

• Local payment methods: Finmo customers can collect payments from their customers in real time and pay vendors in their local currencies without having to open a bank account or establish a legal entity in that region.
• Global currency accounts: Finmo uses virtual multi-currency accounts in which money collected from local markets can be used to make payments in more than 180 countries.
• Local bank accounts: Customers can create local bank accounts that with source funds in currencies including, among others, Dollars, Pounds, Euros and Singapore Dollars. Customers can instantly convert their funds to other currencies or initiate payouts.
• Bank connectivity: Rather than having multiple accounts, users can aggregate all bank account data in one place and make payments across Asia.

As the leading unified and scalable treasury management tool in the Asian market, Finmo is not only helping companies overcome impediments such as the splintered banking landscape but is also positioning itself to take advantage of favorable growth projections in the region and beyond.

Cross-border payment revenue is forecast to surpass $280 billion by 2030, with Asia accounting for the largest market at $80 billion. Similarly, global real-time payment revenue is expected to climb to $575 billion by 2028 – with APAC again leading in market size. Meanwhile, the market size for Global Treasury Management Software – valued at $5.1 billion in 2023 – is expected to grow at a CAGR of 13.8% to $12.6 billion by 2030.

Finmo is poised to capitalize on these exciting market projections thanks to a top-notch founding team that is bringing a diverse and rich set of compliance and product experience to bear on the platform. CEO David Hanna was previously the Chief Risk and Compliance Officer at PayPal Australia and New Zealand, while Chief Product Officer (CPO) Akhil Nigam was Vice President of Product at Mastercard.

For all these reasons and more, we are delighted to join Finmo’s Series A funding round. By investing alongside Quona Capital and PayPal Ventures, we are following through on our conviction that simplifying cross-border and real-time payments in Asia will fuel business growth. We look forward to all that the Finmo team is poised to achieve in the years ahead!