Citi and PayPal Back $18.5 Million Funding Round for Finmo

The venture arms of Citi and PayPal, alongside Quona Capital, have invested $to$27 million.

Headquartered in Singapore, Finmo plans to use the funds to accelerate product development, enhance AI capabilities, and expand its global footprint. The platform streamlines real-time payments, improves cash flow visibility, manages FX risks, ensures compliance, and automates manual tasks, offering a one-stop solution for treasury management.

David Hanna, CEO and co-founder of Finmo, stated, “We’re thrilled to have the support of PayPal Ventures, Quona, and Citi Ventures. This funding validates our vision of transforming treasury management for global businesses.”

Hanna, a former executive at PayPal, Ernst & Young, and ING Bank, leads a team with experience from Citicorp, Rapyd, Nium, and Luno.