Singapore-based treasury operating system Finmo has raised $18.5 million in new funding.
The company says its Series A round, announced Wednesday (Feb. 12), will allow it to speed product development, invest in artificial intelligence (AI) capabilities and expand its reach. The funding round was co-led by Quona Capital and PayPal Ventures — with participation from Citi Ventures — and brings Finmo’s total funding to $27 million.
“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,” David Hanna, Finmo’s co-founder and CEO, said in a news release.
“Underpinning all these developments will be our continued commitment to focus on our customers’ evolving needs to enhance operational efficiency, risk mitigation and strategic financial decision-making.”
According to the release, the Finmo operating system is designed to streamline payment processes, enhance cash flow visibility and address foreign exchange risks, while also ensuring compliance, automating manual tasks and optimizing financial decision-making, such as managing excess liquidity.
“Today’s organizations are global players that demand integrated solutions to streamline their treasury functions,” the release added. “Finmo was developed with a first-hand understanding of what treasurers and CFOs need, ensuring that the platform addresses real-world challenges faced by finance professionals today.”
The funding comes at a time when — as PYMNTS wrote late last year — treasurers are emerging as “a nexus of financial precision, risk management and growth strategy.”
At least that’s according to several of the experts PYMNTS spoke to for the B2B Payments: Outlook 2030 event, all of them stressing that the corporate treasurer’s role has pushed beyond its traditional scope in an era of economic volatility, regulatory complexities and accelerating digital transformation.
“And while many executives focus on topline growth, treasurers can be relied upon for ensuring the bottom line of a business remains robust,” that report added.
Their position inside their companies gives them a wider view of financial operations, allowing them to uncover inefficiencies, free up trapped capital and align the business’ financial resources with strategic priorities.
“Many treasurers are thinking, ‘Well, how can I extract that last ounce of juice from my financial ecosystem?’” Ambrish Bansal, global head of Liquidity and Cash Concentration Products for the Citi Treasury and Trade Solutions business, told PYMNTS.
“I see the role of treasury becoming more central to [the enterprise’s] business strategy, to the growth strategy, to the expansion strategy,” added Bansal.
