The venture arms of Citi and PayPal have joined with Quona Capital to support an $18.5 million investment round in treasury operating system Finmo.
The oversubscribed Series A brings the vendor's total funding to $27 million.
With the new funding, The Singapore-headquartered firm plans to accelerate its product development, invest in AI capabilities, and expand its global reach.
Finmo's software streamlines real-time payment processes, enhances cash flow visibility, manages FX risks, ensures compliance, automates manual tasks, and optimizes financial decision-making, including excess liquidity management. For companies operating in multiple geographies, the platform provides a one-stop shop for treasury management.
"We are thrilled to have the support of esteemed investors such as PayPal Ventures, Quona, and Citi Ventures," says David Hanna, CEO and co-founder of Finmo. "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."
Hanna has previously held senior roles across companies such as PayPal, Ernst & Young, Zurich, ING Bank, and Banxa. Other members of the leaadership team hail from Citicorp, Rapyd, Nium and Luno.