The Jump Trading Group Subsidiary Jump Crypto, the digital assets division of Fomo Pay, a Singapore-based fintech company, led the $13 million series A investment round.
Participating investors in the fundraising effort were HashKey Capital, Antalpha Ventures, Ab Initio Capital, and Republic Capital
Fomo Pay, which was established in 2015, offers a one-stop shop for retailers in Singapore and Malaysia by supporting a number of payment options like WeChat Pay, Baidu Wallet, GrabPay, and Visa QR.
With the most recent investment, jobs will increase, and the infrastructure will be improved. Along with expanding its product line, the business will collaborate with authorities on initiatives involving central banks’ digital currencies.
To run three additional regulated activities—a merchant acquisition service, a domestic money transfer service, and a service for digital payment tokens—Fomo Pay obtained new licenses from the Monetary Authority of Singapore in September 2021.
According to Fomo Pay, the first half of the year saw more transactions than the entire year of 2021. The business also mentioned having a “very robust” client pipeline.